The  Maverick  National  Hank  of  Boston  presents  its  natrons  and 
tha  representatives  of  the  leading  financial  interests  th.TDiig.h- 
Diit  the  United  States  with  this  volume  of  financial  statistics, 
carefully  compiled  "by  specialists  from  the  very  latest  sources 
It  has  endeavored  ta  present  a  readable  volum=  as  T^Ell  as 
one  valuable  for  reference, 


THE 


MAVERICK  NATIONAL  BANK 


MANUAL 


JULY  1,  1887. 


BOSTON : 

WRIGHT  &  POTTER  PRINTING  Co.,  18  POST  OFFICE  SQUARE. 
1887. 


COPYRIGHT,  1887,  BY  THE  MAVERICK  NATIONAL  BANK. 


CONTENTS. 


Page 

THE   OUTLOOK 1-4 

CHAPTER  I. 

Page 

HISTORICAL   SKETCH   OF  THE   NATIONAL    DEBT,  .         .         5-18 

EARLY  DEBTS.  —  EARLY  GOVERNMENT  LOANS  (1803-1837).  —  DIVISION  OF 
THE  SURPLUS  OF  1836.  —  GOVERNMENT  LOANS  (SECOND  PERIOD,  1837- 
1861).  — FLUCTUATIONS  OF  THE  DEBT  (1837-1861).  —  GOVERNMENT  LOANS 
(THIRD  PERIOD,  1861-1881).— ANNUAL  REDUCTION  OF  THE  DEBT  (1865- 
1887). — ANALYSIS  or  PUBLIC  DEBT.  —  U.  S.  BOND  CALLS  (1871-1887). — 
BONDS  OWNED  BY  NATIONAL  BANKS.  —  ANNUAL  RECEIPTS,  EXPENDI- 
TURES, INTEREST  PAYMENTS  AND  SURPLUS  OF  UNITED  STATES  .  (1860- 
1887).  —  ANNUAL  APPROPRIATIONS  MADE  BY  CONGRESS  (1877-1887). — 
DEBT  STATEMENT,  JUNE  1,  1887. 

CHAPTER    II. 

Page 

THE   CREDIT   OF   NATIONS 19-26 

THE  RATE  OF  RETURN  TO  INVESTORS  IN  ENGLISH,  FRENCH,  GERMAN, 
SPANISH,  AUSTRIAN,  TURKISH,  EGYPTIAN,  CHINESE,  AND  JAPANESE 
GOVERNMENT  SECURITIES. — TUB  CREDIT  OF  THE  UNITED  STATES.  —  ITS 
GROWTH  IN  POPULATION  AND  WEALTH.  —  THE  BURDEN  OF  ARMIES  AND 
KAVIES  TO  EUROPEAN  NATIONS. 


CHAPTER    III. 

Page 

STATE  AND  MUNICIPAL  INDEBTEDNESS 27-35 

•GENERAL  NOTES  ON  STATE  INDEBTEDNESS.  —  STATE,  TERRITORIAL,  COUNTY, 
AND  MUNICIPAL  DEBTS  IN  1880.  —  STATE  DEBTS  AND  VALUATIONS,  JAN- 
UARY 1, 1S87.  —  APPROXIMATE  CREDIT  OF  STATES.  —  DEBTS,  POPULATION, 
AND  DEBT  PER  CAPITA  OF  FORTY  CITIES  OF  THE  UNITED  STATES. — 
AVERAGE  RATES  OF  INTEREST  PAID  AND  CREDITS  OF  LEADING  CITIES 
OF  THE  UNITED  STATES.  —  GROWTH  OF  AMERICAN  CITIES  OF  50,000 
POPULATION  SINCE  1790.  —  INDEBTEDNESS  OF  FOREIGN  CITIES. 


VI  CONTENTS. 


CHAPTER    IV. 

Pace 

WATER  WORKS  BONDS 36-48 

THEIR  SECURITY  AS  INVESTMENTS.  — THK  HISTORY  or  WATER  SUPPLY 
FOR  CITIES.  — CONDUIT  DATA.  — COMPARISONS  OP  LAROE  GRAVITATION 
WORKS.  —  LONDON'S  WATER  SUPPLY.  —  HISTORY  OF  AMERICAN  WATER 
WORKS. —  COST,  EXPENSES  AND  REVENUE.  —  FINANCIAL  STATISTICS  OF 
LEADINO  WATER  WORKS. 

CHAPTER   V. 

Page 

WHAT   ARE   SAVINGS   BANK   SECURITIES?        .         .        .       49-56 

ABSTRACT  OF  THE  LAWS  REOULATINO  THE  INVESTMENT  OF  SAVINGS  BANK 
FUNDS. — THE  GROWTH  OF  SAVINGS  BANKS.— SAVINGS  BANK  STATIS- 
TICS OF  THE  UNITED  STATES. 

CHAPTER    VI. 

Page 

BANKS   AND    BANKING 67-78 

EARLY  BANKING  IN  EUROPE.— THE  BANK  OF  ENGLAND  AND  THE  JOINT- 
STOCK  BANKS.  —  BANK  OF  FRANCE.  —  PRICES  AND  DIVIDENDS  OF 
EUROPEAN  BANK  SHARES.  —  CANADIAN  BANKS.— THE  INCREASE  OF 
BANKING  CAPITAL.  —  HISTORY  OF  BANKING  IN  THE  UNITED  STATES. — 
THE  NUMBER  OF  NATIONAL  BANKS.  —  CAPITAL  AND  PROFITS.  —  COM- 
PARATIVE POSITION  IN  RECENT  TIMES.  —  THE  STATISTICAL  RECORD  FOR 
TWENTY-ONE  YEARS.  —  TUB  MAVERICK  NATIONAL  BANK. 

CHAPTER    VII. 

Page 

COINAGE  AND  CURRENCY T9-89 

ORIENTAL  AND  EUROPEAN  COINAGE.  — COLONIAL  COINAGE.  — THE  SILVER 
DOLLAR.  —  UNITED  STATES  COINAGE.  —  VALUE  OF  FOREIGN  COINS.  — 
LEGAL  TENDER  AND  BANK  NOTES  STATISTICS.  — THE  DISTRIBUTION  OF 
THE  CURRENCY  OF  THE  UNITED  STATES.  — GOLD  AND  SILVER  PRODUC- 
TION.—  RATIO  OF  SILVER  TO  GOLD. 

CHAPTER    VIII. 

P«K<> 

BANK  CLEARING   HOUSES 91-97 

HISTORY.  —  THE  UNITED  STATES  CLEARING  HOUSES.  — NUMBER  OF  BANKS 
REPRESENTED.  —  MANAGERS.  —  EXCHANGES,  1885  AND  1S86.  —  FOUR 
MONTHS  OF  1SH7  COMPARED  WITH  1880. —  NEW  YORK  CLEARANCES,  BY 
YEARS.  — HISTORY  OF  THE  BOSTON  CLEARING  HOUSE.  — ITS  EXCHANGES, 
BY  YEARS.  — CLEARANCES  OF  TUB  WORLD. 


CONTENTS.  Vll 


CHAPTER    IX. 
RAILROADS 98-117 

THB  DEVELOPMENT  OF  THE  LOCOMOTIVE  AND  THE  RAILWAY.  —  STATISTICS  or 
UNITED  STATES  RAILROADS.  —  SPEED  or  TRAINS.  —  RAILROAD  CREDITS. 

—  STREET  RAILWAYS  OF  THE  WORLD.  — THB  INTERSTATE  AND  STATE 
RAILROAD  COMMISSIONERS. 

CHAPTER   X. 

Page 

FOREIGN    EXCHANGE  AND   COMMERCE 118-129 

STERLING  EXCHANGE  :  ITS  ORIGIN,  AND  INTRINSIC  AND  COMMERCIAL  BASIS. — 
PARITY  OP  EXCHANGE  AND  THE  GOLD  SHIPPING  POINTS  — HIGHEST  AND 
LOWEST  QUOTATIONS  AND  REVIEW  OF  THE  MARKET  FOR  TEN  YEARS. 

IMPORTS,  EXPORTS,  AND  BALANCE  OF  TRADE,  1861-1887. 

.SHIPBUILDING,  TONNAGE,  AND  CARRYING  TRADE  OF  THE  UNITED  STATES, 
1882-1887.  —  REMARKS  ON  AMERICAN  SHIPPING  AND  EARLY  STEAM  VESSELS. 

—  THE  PRINCIPAL  OCEAN  STEAMERS.  —  RAPID  TRANSATLANTIC  PASSAGES. 

—  DISTANCES  BY  WATER  FROM  NEW  YORK  TO  PRINCIPAL  PORTS  OF  THE 
WORLD.  — AMOUNT  OF  COAL  CONSUMED  BY  OCEAN  STEAMERS.  —  DESIGNAT 
ING  MARKS  OF  TRANSATLANTIC  LINES. 


CHAPTER   XI. 

Page 

LAND    AND    AGRICULTURE 130-139 


ACQUISITIONS  AND  TOTAL  AREA  OF  THE  TERRITORY  OF  THE  UNITED  STATES. 

—  AREAS  OF  THE  STATES  IN  SQUARE  MILES. 

GRANTS  OF  PUBLIC  LANDS  BY  CONGRESS  TO  STATES  AND  RAILROADS. 
FARMS  or  THE  UNITED   STATES.  —  TOTAL  ACREAGE,  IMPROVED  AND  UNIM- 
PROVED. 
IMMIGRATION.  —  TOTAL  ARRIVALS,  1820  TO  1887.  —  ARRIVALS  BY  COUNTRIES. 

—  PROPORTION  OF  TOTAL  EUROPEAN  EMIGRANTS  RECEIVED  BY  UNITED 
STATES. 

AGRICULTURAL  PRODUCTS.  —  TOTAL  PRODUCTION  OF  STAPLES  FOR  FIVE 
YEARS. —HIGHEST  AND  LOWEST  CHICAGO  WHEAT  AND  CORN  PRICES, 
1877-87.  —  WHEAT  CROPS  OF  THE  WORLD. 

COTTON.  — TOTAL  UNITED  STATES  CROPS. — EXPORTS  AND  CONSUMPTION, 
1841-87.  —  COTTON  PRICES,  1826  TO  1887,  BY  YEARS.  —  CONSUMPTION  or 
THE  WORLD.  —  MANUFACTURE  IN  THE  UNITED  STATES. 

WOOL.  —  PRODUCT  OF  THE  UNITED  STATES,  1882-86. 


Vlll  CONTENTS. 


CHAPTER   XII. 

Page 

COAL  AND   IRON    IN   THE   UNITED   STATES,  .         .         .  140-149 

DISCOVERT  AND  EARLY  HISTORY  or  COAL  — EARLY  PRODUCTION  OF  Pio  IRON. 
—  PROGRESS  OP  STEEL  MANUFACTURE.  —  MANUFACTURE  OF  IKON  AND- 
STEEL  RAILS.  — IRON  SHIPBUILDING.  — COAL  STATISTICS,  1830-1887.  —  PIG- 
IBON  STATISTICS,  1854-1887.  — STEEL  AND  STEEL  RAILS  STATISTICS,  1880- 
1887. — IMPORTS  AND  EXPORTS,  IRON  AND  STEEL,  1879-1887.  —  FURNACES- 
OF  THE  UNITED  STATES. 


CHAPTER   XIII. 

Pa*e 

ELECTRICAL    DEVELOPMENT 150-1C6 

TELEGRAPH  STATISTICS  OF  THE  UNITED  STATES  AND  OF  THE  WORLD. — 
CABLE  SYSTEMS  OF  THE  WORLD  —THEIR  CAPITALIZATION,  LENGTH, 
ETC. 

TELEPHONE  SYSTEMS  OF  THE  UNITED  STATES  AND  OF  THE  WORLD.  — MILES- 
OF  WIKE,  EXCHANGES,  SUBSCRIBERS,  TELEPHONES  IN  USE,  ETC. 

THE  ELECTRIC  LIGHT. —  CAPITAL  INVESTED  IN  MANUFACTURING  AND  IN 
LOCAL  PLANTS  IN  THE  UNITED  STATES.  — GROWTH  OF  ELECTRIC  LIGHTING 
SINCE  18SO.  —  ITS  COST  AS  COMPARED  WITH  GAS.  — ELECTRIC  LIGHTING- 
OF  RAILWAY  TRAINS,  ETC. 

ELECTRIC  RAILWAYS.  —  SYSTEMS  IN  USE.  — ELECTRIC  RAILWAY  SYSTEMS  OF 
EUROPE  AND  THE  UNITED  STATES,  AND  THRU:  PHYSICAL  AND  FINAN- 
CIAL DETAILS. 

CHRONOLOGY  OF  ELECTRICAL  SCIENCE  FROM  1600  TO  1886. 


CHAPTKR    XIV. 

I'ttKO 

BOSTON    STATISTICS 107-177 

VALUATION,  DEBT,  APPROPRIATION,  AND  TAX  RATE,  BY  YEARS.  —  BUILDING 
PERMITS  ISSUED.  —  PASSENGER  TRAVEL  IN  AND  OUT  OF  BOSTON.  — 
TRATEL  TO  NEW  YORK.  —  TRAVELLING  DISTANCES  FROM  BOSTON. — 
SAILING  DISTANCES. —SHIPPING  ARRIVALS.  — LEATHER  AND  WOOL  STA- 
TISTICS. 


CONTENTS.  IX 


CHAPTER   XV. 
MISCELLANEOUS  STATISTICS 178-194 

COPPER. —  PRODUCT  OF  THE  WORLD,  CHILI,  AND  THE  UNITED  STATES. — 
PRODUCT  OF  LAKE  SUPERIOR  MINES. —  PRICES  INGOT  COPPER,  ETC. 

PETROLEUM.  —  ITS  EARLY  HISTORY.  —  AMERICAN  PRODUCTION.  — EXPORTS. 
—  PRICES,  ETC. 

BUSINESS  FAILURES,  1877-87. 

FIRE  INSURANCE  STATISTICS.  —  LIFE  INSURANCE  BUSINESS. 

POPULATION  OF  CITIES  OF  THE  WORLD  ABOVE  200,000. 

INVESTORS'  STOCK  AND  BOND  TABLES. 

INTEREST. —  LAWS  GOVERNING  RATES,  AND  STATUTES  OF  LIMITATION. — 
DAYS  OF  GRACE  AND  DAMAGES.  —  LEGAL  HOLIDAYS.  —  RULES  FOR  CAL- 
CULATING INTEREST. — INCREASE  OF  MONEY  AT  SIMPLE  AND  COMPOUND 
INTEREST. 

BUSINESS  LAW  IN  DAILY  USB.  —  FRANKLIN'S  BUSINESS  MAXIMS. 


THE  OUTLOOK. 


Rarely  lias  the  nation  presented  so  peaceful  an  outlook 
in  financial  and  industrial  affairs  as  during  1887.  But 
three  features  in  the  situation  appear  to  call  for  public 
discussion :  the  inauguration  of  inter-state  commerce 
legislation,  the  labor  agitation,  and  the  proper  disposal 
of  the  government  surplus. 

With  the  latter  only  has  the  Maverick  National  Bank 
to  treat,  but  it  cannot  forbear  the  expression  of  opinion 
concerning  the  other  two  features,  that  in  the  end  the 
wisdom  of  the  American  people  will  be  justified  and  our 
ability  as  a  nation  to  amalgamate  all  peoples  and  creeds 
will  not  be  found  wanting.  Labor  will  have  its  due  re- 
ward and  its  just  share  in  our  national  prosperity,  and 
capital,  whether  in  lands  or  railroads,  will  have  just  pro- 
tection. We  believe  in  the  nation  and  the  credit  of  the 
nation,  and  therefore  believe  in  the  people  and  a  govern- 
ment of  the  people  ;  we  believe  in  progress  and  in  "  good 
times  "  for  all  honest  labor  of  brain  and  hand. 

The  treasury  surplus  question  presents  to  the  Maverick 
National  Bank  patrons  a  problem  of  immediate  interest. 


2  MAVERICK    NATIONAL    BANK. 

The  tenor  of  the  administration  and  of  public  senti- 
ment is  to  legitimately  restrict  the  operations  of  the 
government ;  to  involve  it  in  no  new  or  hazardous  enter- 
prises calling  for  public  funds ;  to  maintain  peace  with 
all  nations,  relying  upon  the  spirit  of  patriotism  and 
national  unity  of  a  people  now  rising  sixty  millions  in 
population,  —  the  richest,  strongest,  and  most  united 
nation  in  the  world,  —  rather  than  upon  fortifications  and 
idle  armies,  as  security  for  its  national  peace ;  to  meet 
promptly  the  expenses  of  a  past  internal  strife,  including 
pension  bounties  and  all  just  claims ;  and  to  apply  the 
swelling  balances  of  the  national  treasury  to  the  imme- 
diate extinguishment  of  the  public  debt. 

The  United  States  is  the  only  government  in  the  world 
that  pays  its  debts  at  a  premium.  After  the  Mexican  war 
the  government  bought  up  its  bonds  —  some  of  which  had 
sold  at  a  discount  —  in  open  market  at  the  current  rate  of 
premium,  and  July  30,  1853,  an  offer  was  made  to  pur- 
chase loans  not  falling  due  until  1867  and  1868,  at 
twenty-one  per  cent,  premium.  Up  to  1857  the  govern- 
ment paid  eight  millions  premium  in  redeeming  fifty-three 
millions  of  debt. 

Since  the  war  the  government  has  had  two  and  a  half 
billions  of  debt  to  readjust,  and  in  refunding  this  debt  it 
has  been  able  to  so  arrange  it  as  to  make  it  within  the 
power  of  the  government  to  pay  a  large  proportion  of  it 
at  will. 

Now  rises  the  question  of  paying  the  last  billion  of  the 
debt,  one-quarter  of  which,  running  at  four  and  a  half 
per  cent.,  falls  due  in  1891,  and  three-quarters  of  which, 


MAVERICK   NATIONAL    BANK. 


running  at  four  per  cent. ,  does  not  fall  within  government 
control  as  to  payment  until  1907.  "We  speak  of  the  debt 
of  the  United  States  as  in  round  numbers  one  billion 
dollars  ;  but  is  this  really  all  ?  Does  not  the  government 
owe  the  interest  as  well  as  the  principal  ?  The  govern- 
ment is  not  a  trading  or  mercantile  institution.  It  has 
not  even  the  advantage  of  an  investor,  who,  with  a  loan 
running  at  a  low  rate  of  interest  and  on  long  time,  can 
take  advantage  of  a  higher  outside  rate  to  make  tempo- 
rary profitable  investments.  Here  is  really  what  the 
government  owes  :  — 


KATE. 

Principal. 

Years 
to  Run. 

Interest 
to  Redemption. 

Four  and  a  half  per  cents, 
Four  per  cents,  

$250,000,000  00 
738,000,000  00 

4 
20 

$45,000,000  (X. 
590,000,000  00 

Totals,          

$988,000,000  00 

_ 

$635,000,000  00 

Principal  owed,  . 
Interest  to  accrue, 


$988,000,000  00 
635,000,000  00 


Total  to  pay $1,623,000,000  00 


It  will  readily  be  seen  from  this  table  that  the  main 
problem  lies  in  the  $738,000,000  of  four  per  cent,  bonds 
which  have  twenty  years  to  run,  and  upon  which  the 
government  is  under  contract  to  pay  $590,000,000  of 
interest,  or  eighty  per  cent,  upon  each  bond. 

Elsewhere  in  this  volume  we  present  for  a  series  of 
years  full  statistics  of  the  government  surplus,  its  rev- 
enues, appropriations  and  expenditures,  and  from  these 
it  may  be  seen  that  the  government  surplus  averages 


MAVERICK    NATIONAL   BANK. 


$101 ,000,000  a  year.  In  the  last  seven  years  it  was  $707,- 
000,000.  A  surplus  of  about  $100,000,000  must  accumu- 
late each  year  under  existing  laws.  This  is  more  than 
one-tenth  of  all  the  money  in  the  hands  of  the  people. 
Congress  has  provided  for  a  sinking  fund  in  which  about 
$50,000,000  of  this  surplus  must  be  invested  by  purchase 
of  bonds.  Future  reductions  in  revenue  may  reduce  the 
other  half  of  the  surplus,  but  so  long  as  it  accumulates  it 
must  be  put  back  into  the  channels  of  business  ;  and  there 
are  only  three  ways  for  this  :  distribution  by  gift,  distri- 
bution through  government  works,  or  distribution  by 
payment  of  the  debt  before  maturity.  Our  policy  is,  and 
will  continue  to  be, — PAY  THE  DEBT. 

It  should  not  be  forgotten  that  each  $1,000  four  per 
cent,  bond  represents  a  government  debt  of  $1,800,  or 
eighty  per  cent,  of  interest  as  well  as  the  principal ;  and 
any  less  price  to  the  government  is  interest  discount,  of 
which  the  government  has  the  advantage  when  purchasing 
its  bonds  in  the  open  market.  Not  until  government 
bonds  sell  above  principal  and  interest  can  the  govern- 
ment be  a  loser  by  their  purchase  for  the  sinking  fund  or 
for  debt  cancellation. 

The  Maverick  National  Bank  has  sold  more  than  $200,- 
000,000  of  the  four  per  cent,  bonds,  and  retains  its  faith 
in  thorn  as  an  investment. 


CHAPTER  I. 


HISTORICAL  SKETCH  OF  THE  NATIONAL  DEBT. 


Early  Debts.  —  Early  Government  Loans  (1803-1837).  —  Division  of  the  Surplus 
of  1836.  — Government  Loans  (Second  Period,  1837-  1S61).— Fluctuations 
of  the  Debt  (1837-1861).—  Government  Loans  (Third  Period,  1861-1SS1). 
Annual  Reduction  of  the  Debt  (1865-18S7).  — Analysis  of  Public  Debt.— 
U.  8.  Bond  Calls  (1871-1887).  — Bonds  Owned  by  National  Banks.  — Annual 
Receipts,  Expenditures,  Interest  Payments,  and  Surplus  of  United  States 
(1860-1887). — Annual  Appropriations  made  by  Congress  (1877-1887). — 
Debt  Statement,  June  1, 1887. 

EARLY  DEBTS. 

The  treasury  department,  under  Alexander  Hamilton, 
was  established  in  1789.  A  year  later  the  government 
assumed  debts  as  follows  :  — 

Domestic  debt  of  the  confederation,       ....      $40,256,802 

Debts  of  the  individual  States 19,962,219 

Foreign  debts 12,556,874 


Total $72,775,895 

Until  1811,  the  government  depended  chiefly  on  customs 
revenues  for  support.  There  was  also  a  nominal  internal 
revenue  tax  for  eleven  years  after  the  adoption  of 
the  Constitution,  but  the  receipts  from  it  during  that 
time  aggregated  only  about  $6,000,000.  The  public  debt, 
therefore,  which  on  Jan.  1,  1791,  stood  at  $75,463,476, 
rose  to  $86,427,120,  on  Jan.  1,  1804.  From  1806  it 
steadily  decreased,  until,  on  Jan.  1,  1812,  it  amounted  to 
but  little  over  $45,000,000. 


MAVERICK   NATIONAL    BANK. 


EARLY  GOVERNMENT  LOANS   (1803-1837) 

Meantime,  the  government  in  1803,  had  placed  a  loan 
of  $13,000,000  to  provide  for  the  purchase  of  Louisiana. 
In  1812,  the  war  with  Great  Britain  heavily  reduced  its 
revenue  from  customs,  and  at  the  same  time  greatly 
increased  its  expenses.  To  meet  this  emergency,  the 
government  borrowed,  in  1813,  $16, 000, 000  in  twelve-year 
six  per  cent,  scrip,  at  an  average  price  of  88.  The  unfa- 
vorable terms  were  clue  to  the  fact  that  Congress  did  not 
lay  sufficient  revenue  to  insure  prompt  payment  of  interest, 
and  that  the  Federalists  were  opposed  to  the  war,  and 
refused  to  loan  money  to  its  support.  Internal  taxes 
were  resorted  to  as  a  war  necessity,  but  were  removed 
in  1817.  The  suspension  of  specie  payment  in  1814, 
owing  to  the  reckless  issue  of  circulation  by  the  new 
State  banks,  forced  the  treasury  to  receive  payment  for 
the  bonds,  already  issued  at  a  discount,  in  State  bank 
notes  much  depreciated  in  value. 

During  President  Jackson's  administration,  between 
182!)  and  1835,  the  entire  public  debt  was  paid  off, 
leaving  an  available  balance  in  the  treasury,  Jan.  1, 
18:50,  of  $"),f>80,3f>2.  In  183(3,  the  government  found 
itself  in  possession  of  a  surplus  of  over  §40,000,000, 
arising  chielly  from  the  sale  of  public  lands.  After  much 
debating,  Congress  in  the  same  year  passed  an  act  pro- 
viding for  the  transfer  of  all  moneys  in  the  treasury  over 
$5,000,000  to  the  several  States,  at  a  rate  proportioned 
to  their  congressional  representation.  The  sum  thus 
designated,  amounting  to  $37, 408, 859,  was  to  be  paid  in 
four  quarterly  instalments,  in  January,  April,  July  and 
October,  1837 ;  provided  the  States  authorized  their 
treasurers  to  accept  the  loan,  and  promised  to  refund  the 
money  on  demand  of  the  government.  Three  instalments 
were  paid,  in  January,  April  and  July,  1837.  In  a  few  cases 


MAVERICK   NATIONAL   BANK. 


the  States  refused  to  accept  the  loan  on  the  prescribed 
terms.  The  actual  sum  paid  out  was  $27,063,430.  The 
fourth  instalment  was  postponed  by  act  of  Congress  until 
Jan.  1,  1839,  on  account  of  the  stringency  of  money 
following  the  panic  of  1837,  and  of  a  deficiency  of  from 
six  to  ten  millions  between  government  revenues  and 
expenditures  for  the  year.  The  payment  of  the  balance 
was  afterward  postponed  indefinitely.  The  money  act- 
ually paid  the  States  has  never  been  recalled,  authority 
never  having  been  given  by  Congress,  nor  has  the  last 
instalment  been  paid. 


GOVERNMENT  LOANS    (SECOND  PERIOD,  1837-1861). 

In  1842,  after  five  years  of  financial  depression,  the 
government  issued  a  twenty-year  six  per  cent,  loan  of 
$8,000,000,  at  par.  In  1847,  a  loan  of  $18,000,000,  for 
twenty  years  at  six  per  cent,  was  floated  at  100^-  to 
102,  of  which  Boston  capitalists  took  $7,000,000 ; 
and  in  the  following  year  a  second  issue  of  8^6,000,- 
000  on  the  same  terms,  103.02  at  103.55,  was  made, 
Corcoran  &  Riggs  of  Washington  taking  $14,000,000 
at  the  former  rate.  These  two  loans  were  on  account  of 
the  Mexican  war  ;  and  the  latter  brought  a  higher  price, 
because  issued  after  peace  was  declared.  In  1843  and 
1846,  small  ten-year  six  per  cent,  loans  were  made  ;  and 
one  called  the  Texas  Indemnity  Loan,  of  $5,000,000 
fifteen-year  five  per  cent,  bonds,  in  1850. 

Within  a  few  years  after  these  issues,  treasury  funds 
began  to  increase  rapidly,  and  the  government  began  to 
repurchase  its  securities,  which  had  risen  considerably 
above  par,  at  a  premium.  Until  July  1,  1853,  these 
purchases  were  made  at  current  market  prices  ;  but  on 
July  30,  1853,  a  public  offer  was  made  to  redeem  at  the 
treasury  between  that  time  and  Dec.  1,  1853,  $5,000,000 


MAVERICK    NATIONAL    BANK. 


of  the  1867  and  1868  loans  at  twenty-one  per  cent,  pre- 
mium ;  and  on  August  2,  to  redeem  $2,000,000  of  the 
18f)6  and  1862  loans  at  eight  and  a  half  and  sixteen 
per  cent,  premium,  respectively,  with  interest  from  July  1. 
By  various  renewals  of  these  offers  at  different  rates  of 
premium  the  debt  was  reduced  from  $78,797,816  in  1851, 
to  $25,165,154,  on  Oct.  1,  1857.  In  addition  to  the  pay- 
ment of  $53,632,662  of  principal,  the  government  paid 
$8,000,000  in  premiums,  averaging  from  twelve  to  fifteen 
per  cent.,  —  the  only  instance  on  record  of  a  nation's 
redeeming  its  obligations  at  a  bonus  before  maturity. 

The  following  table  shows  the  amount  of  government 
indebtedness  in  each  year  from  1791  to  1850 :  — 


Year. 

Amount. 

Year. 

Amount. 

1791, 

$75,463,476 

1821  

$89,987,427 

1792, 

77,227,9-24 

18-22, 

93,546,670 

1793, 

80,352,634 

1823, 

90,875,877 

1794, 

78,407,404 

1824, 

90,269,777 

1795, 

80,447,587 

1825, 

83,788,432 

1796, 

83,76-2,172 

1826, 

81,054,059 

1797, 

82,064,479 

18-27, 

73,987,357 

1788, 

79,2-28,529 

1828, 

67,475,043 

1799, 

78,408,069 

1829, 

58,421,413 

1800, 

82,976,-294 

1830, 

48,56.'>,406 

1801, 

83,038,050 

1831, 

39,123,191 

1802, 

80,712,1532 

183-2, 

24,322,235 

1803, 

77,054,680 

1833, 

7,001,698 

1804, 

86,4-27,1-20 

1834, 

4,760.082 

1805, 

82,31-2,150 

1835, 

37,513 

1806, 

95,7-23,270 

1836, 

336.957 

1807, 

69,218,390 

1837, 

3,308,124 

1808, 

65,196,317 

1838, 

10,4:54,221 

1809, 

57,023,19-2 

1839, 

3,r.73,:U3 

1810, 

63,173,217 

1840, 

.r),250,S75 

1811, 

48,005,587 

1841, 

13,594,480 

1812, 

45,209,737 

1842, 

20,001,2-20 

1813, 

55,96-2,827 

1843, 

32,742,92-2 

1814, 

81,487,840 

1844, 

23,461  ,0.V2 

181&, 

99,803,660 

1845, 

15,925,:W3 

1810, 

127,3:14,033 

1840, 

18.650.202 

1817, 

123,491,965 

1847. 

38.826,534 

1818, 

103,4i-,0,633 

1848, 

47,044.802 

1819, 

95,629,648 

1849, 

63.061,858 

1820, 

91,015,506 

1850, 

63,452,773 

M \VBRICK   NATIONAL   BANK. 


ANNUAL  REDUCTION  AND  AMOUNT  OF  PUBLIC  DEBT, 

1848-1857. 


Date. 

Debt. 

Reduction. 

Period  of  Reduction. 

July 

1,  1851, 

$78,797,816 

_ 

_ 

July 

1,  1852, 

72,401,087 

$6,396,729 

Prior  to  July  1, 

1852. 

July 

1,  1853, 

07,340,628 

5,060,458 

1  year. 

July 

1,  1854, 

47,242,206 

20,093,422 

1  year. 

July 

1,  1855, 

40,583,631 

6,658.574 

1  year. 

July 

1,  1856, 

32.737,562 

7,846,068 

1  year. 

July 

1,  1857, 

29,060,386 

3,677,175 

1  year. 

Oct. 

1,  1857, 

25,165,164 

3,895,232 

4  months. 

Balance  of  debt  Oct.  1,  1857 

Issue  of  1  year  Treasury  notes  in  1857 

Issue  August,  1858,  and  January,  1859,  of  5$  bonds  due  1874, 
Issue  I860,  5#  bonds  due  1870,    ' 


After  the  panic  of  1857,  the  debt  began  to  increase 
again,  with  the  following  results  :  — 

.       $25,165,154 
20,000,000 
20,000,000 
7,022,000 

Total  debt  Jan.  1,  1861, $72,187,154 

The  loan  of  810, 000, 000  of  August,  1858,  brought  from 
104£  to  107.03,  and  the  $10,000,000  issued  in  January, 
1859,  an  average  of  102|.  The  5s  of  I860  brought  100 
to  101.  The  Merchants'  Bank  of  Boston  took  $300,000 
between  100  and  100^,  and  the  Provident  Institution  for 
savings,  $200,000  at  100|.  In  December,  18(50,  $2,000,- 
000  of  treasury  notes  were  awarded,  mostly  at  the  rate 
of  twelve  per  cent,  per  annum. 

GOVERNMENT  LOANS  (THIRD  PERIOD,  1861-1887). 
On  Feb.  23,  1861,  $8,000,000  twenty-year  six  percent, 
bonds,  due  1881,  were  issued  at  an  average  of  90.15. 
During  the  summer,  $109,700,000  of  the  same  bonds  were 
awarded,  with  $139,315,350  7-30  three-year  bonds,  which 
were  eventually  converted  into  sixes  of  1881,  and 
$00,000,000  of  demand  notes  payable  in  gold.  Shortly 
afterward,  $35,364,450  treasury  notes,  one-third  for  sixty 
days,  balance  two  years,  were  issued  at  six  per  cent, 
interest.  Then  came  the  suspension  of  specie  payments, 
Dec.  30,  1861,  and  the  $500,000,000  5-20  loan  in  1862 
and  1863,  which  was  subscribed  for  at  par  in  denomina- 
tions ranging  from  $50  upward.  From  that  time  forward 


10 


MAVERICK    NATIONAL    BANK. 


to  Jan.  20,  1871,  numerous  loans,  for  long  and  short 
periods,  were  effected.  The  following  table  gives  a 
complete  list  of  bonds  and  other  securities  issued  on 
account  of  the  war  :  — 

BONDS  AND  OTHEK  SECURITIES  ISSUED, 

1801-1871. 


AUTHORIZING  ACTS. 

Forms. 

When 
Redeemable. 

Kate 
per  cent. 

Amount. 

Feb.       8,  1861,  . 

Bonds. 

Dec  31,  1880. 

6 

18,415,000 

March  2,  1861,    . 

Trcas.  notes 

'Jyrs.   ftn  die. 
60  days"     " 

6 
6 

22,46^,10) 
12,S[M>,3.Vj 

1 

Bonds. 

July  1,  1881. 

6 

50.000.00u 

July     17,  1861,  1 

Bonds  in  ex- 

Aug.     5,  1861,  [ 

change  for 

July  1,  1801. 

6 

139,321,200 

J 

Treas.  notes 

July     17,  1861,  ) 

Aug.      5,  1H61,  [ 

Treas.  notes. 

Deinend. 

none. 

60,000,00(1 

Feb.     12,  1862,  ) 

July     17,  1801,  . 

Treas   notes. 
7-30'sof  1801. 

Aug.  10   and 
Oct.  1,  1864. 

7  3-10 

140,094,750 

Feb.     25,  1862,  ) 
March    3,  1864,  J 

Bonds,  5-20's 
of  1802. 

May  1,  1867. 

6 

514,771,600 

Jan.     28,1865,) 

Feb.     25,  1862,  ) 
July     11,1862,5 

Legal  tender 

Demand. 

none. 

915,420,031 

March    3,  1863,  ) 

no    8' 

Feb.     25,  1862,  "j 

March  17,  1802,  1 
July     11,  1862,  f 

Temporary 
Loan. 

After  10 
days'  notice. 

4,5, 
and  6. 

150,000,000 

June    30,  1864,  J 

March    1,  1S62,  ) 

Certificates 

May     17,  1862,  [ 
March    3,  ISftJ,  ) 

of 
Indebtedness. 

1  year 
after  date. 

6 

561,753.241 

March    3,  1863,  j 
June     30,  1864,  ( 

Bonds^O's  of 
1SS1. 

July  1,  1SS1. 

6 

75.000,000 

March    3,  1803,  . 

TreaH   notes 

1  yr.  fm.  date. 

,'. 

44,5'JO,000 

March    3,  1863,  . 

Treas   notes. 

•J  yrs  fin.  dt<-. 

5 

166,480,000 

March    3,  1863,  . 

Coin  certU's. 

Demand. 

none. 

56'_',7  70,401) 

March    3,  1863,  . 

Compound 

interest  notes. 

June  10,  1867. 
May  l-r>,  1-WH. 

6c'mp'd 

206,595,440 

March    3,  1864,  . 

lionds,  10-4u's 

March  1,  1874. 

5 

196,117,300 

March    3,  1864,  .        .         | 

Hands,  5-20's 
of  Mar.  '64 

Nov.  1,  1*69, 

6 

3,88X',500 

J-.ino    30,  1864,    . 

Bonds,  5-20's 
of  June,  1864. 

Nov.  1,  1S69, 

6 

125,561,300 

AUK.  15,  1S67. 

.'tine    30,  1864,  ; 
March    3,  18-55,  i 

Treas.  notes. 

.In  ni!  1"),  1868. 
July  1">,  1H68. 

7  3-10 

829,992,500 

5-20'Bof  1865. 

Nov.    1.1S70. 

6 

203,327,2.)0 

Bonds,  Con- 

March 3,  1865,  ) 

sols  of    Is65.      July    1,  1870. 
Rf  MI*!**    (  'on 

6 

332,998,950 

April  12,  1866,  | 

soU  of'   INiiT. 

July    1,1872. 

6 

379,61  6,0'.0 

Bonds*,  Con- 

[ 

sols   Of    1S6S.      July     1,  IS73. 

6 

42,539,350 

March    3,  1867,  > 
July     25,  186S,  ( 

c'oSiflS.  :  »«•»'"• 

3 

85,150,000 

July     14,1870,; 

Bonds,  5's 
of  1881. 

May   1,  1881. 

5 

412,306,450 

Jan.      20,  1871,  i         '         ) 

Bonds. 

Rept.  1,  1«91. 

4.^ 

250,000,000 

I 

Bonds. 

July    1,  1907. 

4 

738,768,550 

MAVERICK   NATIONAL   BANK. 


11 


HIGHEST  AND  LOWEST  PRICES  OF  UNITED  STATES 
SECURITIES,  1861-1887. 

[Currency  Values.] 


6s  OF  1881. 

6s  (5-20  YEARS),  COUPON. 

a 

Coup. 

Keg. 

1862. 

1864. 

1865. 

1865,  new. 

1867. 

I* 

H. 

L. 

H. 

L. 

H.  |    L. 

H. 

L. 

H. 

L. 

H. 

L. 

IL    |   I,. 

83 

R71 

1863,  . 

lluj 

91J 

186:.,   . 

H2| 

103} 

_ 

_ 

_ 

_ 

_ 

_ 

112 

99J 

Ill 

98J 

_ 

_ 

1866,  . 

1141 

103JJ 

— 

— 

115} 

loos 

111 

lOljj 

ilijj 

101J 

- 

- 

- 

- 

1867,  . 

1131 

106} 

- 

- 

lib} 

100,} 

nog 

104} 

— 

- 

- 

109 

106J 

1808,  . 

ml 

108jj 

— 

- 

1151 

10oj| 

112! 

HM3 

- 

— 

- 

- 

114J 

I0!>§ 

1S69,  . 

125 

111 

125 

109 

1251 

llli 

124.} 

107| 

1241 

110} 

1--8 

107} 

122| 

106J 

1870,  . 

118J 

1128 

— 

- 

ll«i 

107 

118 

lOGj 

116J 

1003 

1143 

1003 

1141 

107$ 

1871,  . 

119| 

110} 

- 

- 

1151 

108$ 

115} 

IU7-J 

116 

108 

115 

107 

115| 

107} 

1872,  . 

1208 

115ij 

117$ 

112) 

1164 

109JJ 

1115} 

1H>S 

116?   110| 

117} 

109J 

118} 

111} 

1873,  . 

123J 

1114 

119 

109} 

118| 

105} 

120JJ 

100J 

120  j 

107| 

1203 

100  ', 

120J 

110 

1874,  . 

1221 

117 

120| 

llojf 

1188 

HOif 

120J 

113 

1211 

HIS 

121 

114} 

122 

115 

1375,  . 

126J 

118} 

123  J 

118 

118^ 

114] 

121 

114J 

1223 

115$ 

124J 

1174 

125} 

118J 

1876,  . 

124J 

117 

1  23* 

112J} 

— 

- 

- 

- 

118$ 

10S} 

121 

111J 

123} 

114} 

1877,  . 

115? 

109} 

114i| 

106$ 

- 

- 

- 

— 

- 

- 

111J 

105 

114| 

1065 

1878,  . 

1103 

1054 

- 

- 

- 

- 

- 

105J 

1024 

- 

108g 

104} 

1882,  . 

s 

6s  (5-20) 
COUPON. 

5s  (10-40  YEARS). 
1864. 

OS  OF  1881.     CURRBXCT 

FUNDKD.  i   6s,  1898. 

4Ms  OF  '91. 
FUNDED. 

4s  OF  1907. 
FUNDED. 

1868. 

Coup. 

Reg. 

Coilp.     i       Reg. 

Coup. 

Coup. 

II.   |   L. 

11. 

L. 

11. 

L. 

II. 

L.       II. 

L. 

II. 

L. 

II.   |  L. 

64,  . 

_ 

_ 

103} 

92} 

. 

_ 

_ 

_ 

_ 

_ 

_ 

_ 

_ 

_ 

65,  - 

- 

_ 

102j 

894 

- 

- 

- 

- 

- 

- 

- 

- 

_ 

— 

66,  . 

- 

- 

1031 

90 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

67,  . 

— 

— 

104 

97} 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

68,  . 

1124 

107 

109S 

100} 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

69,  . 

1223 

1074  1204 

105 

- 

- 

- 

- 

- 

— 

- 

- 

— 

- 

70,  . 

115 

108     114 

1043 

_ 

- 

- 

- 

1143   1094 

- 

- 

- 

- 

71,  • 

116 

107|  1141 

1072 

- 

- 

- 

- 

1163   HO 

— 

- 

— 

- 

72,  . 
73,  . 

117J 

1201 

11111131 
109}  115} 

107^ 
105 

1111 

115| 

1063 
103} 

1133 

1073 
TOG} 

116?  in 

1164,  108 

: 

: 

: 

: 

74,  . 

1211 

116" 

1  1^3 

111  J 

115J 

109| 

117* 

in 

119 

114 

- 

- 

- 

- 

75,  . 

118 

1193 

1133 

1133 

119 

il"l 

125J 

117} 

- 

~ 

- 

- 

76,  . 

1241 

116}   121? 

111}  1194 

112 

119 

lloj    128 

1201 

- 

- 

- 

- 

77,  . 

117} 

109J   1142 

1073  1144 

1063 

112| 

105^   126 

118 

112 

1031 

109  j  1014 

78,  . 

ml 

1003  1093 

103|       - 

- 

107| 

1023 

1224 

1171 

1054 

lOlf 

1023     993 

70,  . 

- 

- 

-  1       - 

- 

107} 

101} 

128 

119]   108 

104 

1033     99 

SO,  . 

- 

- 

- 

- 

- 

- 

1041 

1014;  130 

125     112} 

100} 

113} 

103 

81,  . 

- 

- 

- 

- 

- 

- 

105 

1004  135 

127} 

1153 

1103 

11821  HIS 

82,  . 

- 

- 

- 

- 

- 

- 

- 

- 

13.i 

131" 

116} 

112J    1213 

i"4 

83,. 

- 

- 

- 

— 

- 

- 

_ 

-      130} 

1:51} 

115 

1123 

125 

118} 

84,  . 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

1142 

110 

1212 

118} 

8D,  . 

- 

- 

- 

- 

- 

- 

- 

- 

- 

- 

11:',', 

112 

1243 

121  jj 

i86,  . 

~ 

- 

- 

- 

- 

- 

- 

- 

- 

- 

114" 

1092   1298   123 

12 


MAVERICK    NATIONAL    BANK. 


I860;  Coupon  6s  of  1868,  H.,  109£,  L.,  96;  Coupon 
5s  of  1874,  H.,  104J,  L.,  89  ;  1861,  H.,  98,  L.,  86  ;  H., 
97,  L.,  75;  1862,  II.,  107$,  L.,  85;  H.,  97£,  L.,  78; 
1863,  Coupon  5s  of  1874,  H.,  101,  L.,  85}. 

1882;  5s  of  1881,  continued  at  3£%,  H.,  103|,  L., 
100^-;  3s,  option,  II  ,  10:1$,  L.,  lOlf. 

1883,  3s,  option.  II.,  104£,  L.,  100J  ;  1884,  II..  10U, 
L.,  100;  1885,  II.,  10:>,  L..  101  ;  1S86,  II.,  102^,  L.,  100. 

On  Sept.  1,  1865,  the  total  debt  was  at  its  highest 
point,  amounting  to  §2,757,689,571.  Its  retirement  was 
at  once  begun,  and  the  total  amount  on  Dee.  1,  1870, 
had  been  reduced  to  82,334,308,494.  This  reduction  has 
since  gone  on  steadily  each  year  up  to  the  present  time, 
as  will  be  seen  by  the  following  table  :  — 


ANNUAL  AMOUNT  AND  REDUCTION  OF  PUBLIC  DKBT, 

1865  to 


DATE. 

Debt. 

Rfdnctlon. 

Period  of 
Reduction. 

Sept.  1 

186i, 

$2,757,689,571 

. 

_ 

Sept.  1 

ISfifi, 

2,.'>9.>.638)168 

$162,051,403 

1  year. 

Mar. 

1867, 

2,530,763,889 

04,S74,278 

6  month*. 

Mar 

1  SOS, 

2,523.113,575 

2.6-iO,314 

1  yea 

Mar. 

1S09, 

2,525,463,260 

2,6jO,315 

1  yea 

Mar. 

1870, 

2,438,  828,477 

87,134,782 

1  yea 

Jan. 

1871, 

2,332,007,793 

100,2*),  683 

9  mot 

ha. 

Jan. 

187-2, 

•j,24:;,s:',s.4i  l 

8S.223.3S2 

1  yea 

Jan 

1S73, 

2,162,252,333 

81,  58  ',073 

1  yea 

Jan. 

1874, 

2.1SO  ,31  5,328 

2.937,011 

1  yea 

Jan. 

1S7.">, 

2,142,598,312 

16.  717,024 

1  yea 

Jau. 

1S76, 

2,119,832,195 

22,7ii6,  100 

1  yea 

Jan. 

1S77, 

2,092.021,241 

2fi,010,n:>3 

1  yea 

Jan. 

1S78, 

2,015,9.)5,442 

46,965,799 

1  yea 

Jan. 

1S79, 

2,028.648,111 

17,307,:i31 

1  yea 

Jan. 

ISSt), 

2,011,  798,'  Ot 

16,849.006 

1  yea 

Jan. 

18*1, 

1,899,181,735 

112,616,768 

1  yea 

Jan. 

1882, 

1,765,491,717 

I:i3.0'.i0,018 

1  yea 

Jan 

188:1, 

l,0.)7,.r)43,676 

157,'.)48,040 

I  yea 

Jan. 

18S4, 

1  .  UtS,041  ,723 

if)9,r>oi,9:>3 

1  yea 

Jan. 

188'., 

1.41H..MS.371                  '  1,493,352 

1  yea 

Jan. 

issn, 

1,:U4,776,20» 

73,772,167 

1  yea 

Jan. 

18S7, 

•1,341,934,495 

*2,791,700 

I  yea 

Actual  reduction,  $101,473,408,  explained  on  next  page. 


MAVERICK    NATIONAL    BANK. 


13 


The  apparently  small  reduction  of  the  debt  during 
1886  is  due  to  the  new  form  of  official  statement,  caused 
by  including  the  Pacific  Railroad  bonds,  amounting  to 
$64,623,512,  as  part  of  the  public  debt,  and  charging  off 
the  fractional  silver  currency  in  the  treasury,  which  had 
hitherto  been  reckoned  as  an  available  asset.  These 
changes  make  the  debt  appear  nearly  $100,000,000  larger 
than  shown  in  the  amount  given  above  for  1885.  The 
actual  reduction  for  1886  was  $101,473,408. 

The  following  table  gives  full  details  of  the  national 
debt  from  1860  to  1887  :  — 


ANALYSIS  OF  THE  PUBLIC   DEBT  OK  THE  UNITED  STATES, 

From  July  1,  18GO,  to  .Inly  1,   1886. 

[000,000  omitted.] 


Year 
mdinjr 
June  30. 

3 

per  cts. 

3  1-2 
per  cts. 

4 

per  cts. 

4  1-2 
per  cts. 

5 
per  cts. 

fi  per  cts. 

73-10 
per 
cents. 

Total 
interest 
bearing 
debt. 

18(50, 

. 

_ 

. 

$43 

$21 

. 

$64 

1861, 

- 

- 

- 

- 

33 

57 

- 

90 

1802, 

- 

- 

$57 

- 

30 

154 

$122 

365 

1863, 

_ 

_ 

105 

_ 

30 

431 

139 

707 

IS64, 

_ 

_ 

77 

_ 

300 

812 

139 

1,359 

1865, 

- 

- 

90 

_ 

245 

1/213 

671 

2,221 

A«g.3  , 

1865, 

- 

— 

- 

_ 

269 

1,281 

830 

2,381 

1866, 

_ 

_ 

121 

_ 

201 

1,195 

813 

2,332 

1867, 

_ 

_ 

17 

_ 

198 

1,543 

488 

'2,248 

1868, 

$64 

- 

- 

- 

221 

1,878 

37 

2,202 

1809, 

66 

- 

- 

_ 

221 

1,874 

- 

2,162 

1S70, 

59 

- 

- 

_ 

221 

1,765 

- 

2,046 

1871, 

45 

- 

- 

_ 

274 

1,613 

- 

1,934 

1872, 

24 

- 

— 

- 

414 

1,374 

- 

1,814 

1873, 

14 

- 

- 

_ 

414 

1,281 

- 

1,710 

1874, 

14 

_ 

_ 

_ 

510 

1,213 

_ 

1,738 

1S75, 

14 

_ 

_ 

_ 

607 

1,100 

_ 

1,722 

1876, 

14 

_ 

- 

_ 

711 

984 

_ 

1,710 

1877, 

14 

_ 

- 

$140 

703 

854 

- 

1,711 

1878, 

14 

- 

98 

240 

703 

738 

— 

1,794 

1879, 

14 

_ 

741 

'200 

508 

283 

_ 

1,797 

1880, 

14 

_ 

739 

250 

4S4 

235 

_ 

1,723 

1881, 

14 

_ 

739 

250 

439 

196 

_ 

1,639 

1882, 

14 

$460 

739 

300 

_ 

_ 

_ 

1,463 

1883, 

318 

32 

737 

250 

_ 

- 

— 

1,338 

1884, 

238 

_ 

737 

250 

_ 

_ 

_ 

1,226 

1885, 

208 

_ 

737 

250 

_ 

_ 

- 

1,196 

1886,* 

158 

- 

737 

250 

- 

- 

- 

1,210 

*  See  explanation  of  change  in  debt  statement  above. 


14 


MAVERICK    NATIONAL   BANK. 


ANALYSIS  OF  THE   PUBLIC   DEBT  OF  THE   UNITED  STATES 

—  Continued. 
[000,000  omitted.] 


Year 
endiiiK 
June  30. 

Annual 
Interest 
charge. 

Debt  on 
wlrfch  In- 
terest lias 
ceased. 

Debt 
bearing 
no 
Interest. 

Out- 
standing 
1'rinci- 
pal. 

Cash  in 
Treas- 
ury 
July  1. 

Total 
debt  less 
eash  in 
Treasury. 

Debt 
per 

capita. 

Interest 
per 
capita. 

I860,    . 

$3 

_ 

_ 

$64 

$1 

$59 

$1  91 

$0  11 

1861,    . 

5 

- 

- 

90 

2 

87 

2  74 

16 

186-',    . 

22 

- 

$158 

524 

18 

505 

15  45 

67 

1863,    . 

41 

- 

411 

1,119 

8 

1,111 

33  31 

1  25 

1864,    . 

78 

- 

455 

1,815 

106 

1,709 

50  21 

2  32 

1865,    . 

137 

$1 

453 

2,680 

5 

2,674 

76  98 

3  97 

Aug.31, 

1865,    . 

150 

1 

461 

2,844 

88 

2,756 

78  25 

4  29 

1866,    . 

146 

- 

439 

2,773 

137 

2,638 

74  32 

4  12 

1867,    . 

138 

1 

428 

2,678 

169 

2,508 

69  26 

3  84 

1868,    . 

128 

1 

408 

2,611 

130 

2,480 

67  10 

3  48 

1  860,    . 

125 

5 

421 

2,588 

155 

2,432 

64  43 

3  3-2 

1870,    . 

118 

3 

430 

2,480 

149 

2,331 

CO  46 

3  08 

1871,    . 

111 

1 

416 

2,353 

106 

2,246 

56  81 

2  83 

1S72,    . 

103 

7 

430 

2,2.03 

103 

2,149 

52  95 

2  56 

1S73,    . 

98 

51 

472 

2,234 

129 

2,105 

50  49 

2  35 

1874,    . 

98 

3 

509 

2,251 

147 

2,104 

49  10 

2  31 

1875,    . 

96 

11 

498 

2,232 

142 

2,090 

47  44 

2  19 

1876,    . 

95 

3 

465 

2,180 

119 

2,000 

45  48 

2  10 

1877,    . 

93 

16 

476 

2,205 

180 

2,019 

43  31 

2  00 

1878,    . 

94 

5 

455 

2,256 

256 

1,99'J 

41  67 

1  97 

1S79,    . 

83 

37 

410 

2,245 

249 

,996 

40  42 

1  69 

1880,    . 

79 

7 

388 

2,120 

201 

,919 

38  26 

1  58 

1881,    . 

75 

6 

422 

2,009 

2-19 

,81'J 

35  22 

1  45 

1882,    . 

57 

16 

438 

1,918 

243 

,675 

31  72 

1  09 

1383,    . 

51 

7 

538 

1,884 

345 

,538 

28  41 

9.". 

1884,    . 

47 

19 

584 

1,830 

391 

,438 

25  &'J 

86 

1885,    . 

47    • 

4 

663 

1,803 

488 

,375 

24  14 

8:i 

1S80,*  . 

4!l 

9 

536 

1,783 

492 

,290 

22  09 

K4 

*  See  explanation  of  change  iu  debt  statement  on  preceding  page. 

NOTE. — The  annual  interest  charge  is  computed  upon  the  amount  of  out- 
standing principal  at  the  close  of  the  fiscal  year,  and  is  exclusive  of  Intercut 
charge  on  Pacific  Railway  Bonds. 

1.  Five  and  nix  per  cent,  bonds  issued  under  Acts  of  July  17  and  August  ;>, 
1861,   March  3,  ISiVi,   July   14,  1870,   and  January  20,  1S71,  continued  at  thre 
and  a  half  pei  cent. 

2.  The  Temporary  Loan,  per  Act  of  July  11,  1802,  is  included  in  the  four  per 
cents,  from  1SIV2  to  1SGS  inclusive,  with  the  exception  of  the  amount  outstanding 
for  August  :;i,  186"),  this  being  the  date  at  which  the  public  debt  reached  its 
highest  point.    This  loan  bore  interest  from  four  per  cent,  to  six  per  cent.,  and 
was   redeemable   on   ten   days'   notice   after  thirty  days,   but  being  constantly 
changing,  it  has  been  considered   more  equitable  to  include  the  whole  amount 
outstanding  as  bearing  four  per  cent,  interest  on  an  average  for  the  year. 


MAVERICK    NATIONAL    BANK. 


15 


The  following  table  shows  the  amount  of  Government 
bonds  owned  by  the  National  banks,  including  those 
pledged  at  the  Treasury  to  secure  circulation  and  public 
deposits  :  — 

UNITED  STATES  BONOS  OWNED  BY  NATIONAL  BANKS. 

[000,000  omitted.] 


HELD  AS  SECURITY  FOR  CIBCULATION. 

Held 

DATE. 

for  other 

Grand 

6  per  ct. 
ISonds. 

5  per  ct 
Bonds.* 

4  1-2  per 

ct.  Bonds. 

4  per  ct. 
Bonds. 

Total. 

pur- 
poses. 

TotaL 

July  1,  1882, 

$25 

$202 

$32 

$97 

$357 

$43 

$400 

(         7 

July  1,  1883, 

- 

{  3#bouds 

39 

104 

363 

34 

387 

(     200 

July  1,  1885, 

- 

172 

46 

111 

330 

31 

361 

Pacifies. 

July  1,  1885, 

3 

142 

48 

117 

312 

32 

344 

July  1,  1886, 

3 

107 

50 

114 

275 

31 

307 

Nov.  1,  1886, 

3 

69 

57 

115 

245 

32 

271 

May  1,  1887, 

3 

20 

64 

114 

202 

32 

234 

*  Continued  at3jl. 


COMPARISON  OF  CAPITAL  AND  U.  S.  BONDS  OWNED  BY 
NATIONAL  BANKS,  1866  AND  1886. 


Jan.  1866. 

Oct.  1886. 

Banks,  
Capital,  

1,582 
$403,000,000 
440  000  000 

2,852 
$548,000,000 
291  000  000 

Circulation,  

213,000,000 

228,000,000 

16 


MAVERICK    NATIONAL    BANK. 


ANNUAL    RECEIPTS,    EXPENDITURES,    INTEREST   PAYMENTS 
AND  SURPLUS  OK  THE  UNITED  STATES, 

From  I860  to  1887. 

[Expressed  in  Millions.] 


Fiscal  Years. 

Customs. 

Internal 
Kevenue. 

Miscel- 
laneous. 

Gross 
icvenuc. 

Expenses. 

Interest. 

Surplus. 

1860,    . 

53 

- 

3 

56 

60 

3 

*7 

1861,    . 

39 

- 

2 

42 

63 

4 

*25 

1862,     . 

49 

- 

3 

52 

461 

13 

•423 

1863,     . 

69 

38 

6 

113 

690 

25 

*602 

1864,     . 

102 

109 

53 

265 

812 

54 

*601 

1865,     . 

85 

209 

39 

334 

1,220 

77 

»964 

1S66,     . 

179 

309 

70 

558 

388 

133 

37 

1867,     . 

176 

266 

48 

491 

214 

144 

133 

1868,     . 

164 

191 

50 

406 

237 

140 

28 

1869,     . 

180 

158 

33 

371 

192 

131 

48 

1870,     . 

195 

185 

32 

411 

180 

129 

102 

1871,     . 

206 

143 

34 

383 

167 

126 

91 

1872,     . 

216 

131 

27 

374 

160 

117 

97 

1873,     . 

188 

114 

32 

334 

1S6 

105 

43 

1874,     . 

16} 

102 

24 

289 

180 

107 

2 

1875,     . 

157 

110 

21 

288 

171 

103 

13 

1876,     . 

148 

110 

23 

287 

158 

100 

2! 

1877,     . 

140 

119 

19 

269 

142 

97 

30 

1878,     . 

130 

111 

17 

258 

134 

103 

21 

1879,     - 

137 

114 

24 

274 

162 

105 

7 

1880,     . 

187 

124 

2:! 

334 

172 

90 

6« 

1SS1,     . 

193 

135 

27 

361 

178 

83 

IOC 

1SS2,     . 

220 

146 

37 

404 

187 

71 

14f 

1883,     . 

215 

145 

38 

398 

206 

59 

132 

1SSJ,     . 

195 

122 

32 

349 

190 

55 

104 

1885,     . 

1S1 

112 

30 

324 

209 

51 

K. 

1888,     . 

1<I3 

117 

27 

3o6 

102 

51 

9-1 

*  Deficit. 


MAVERICK  NATIONAL  BANK. 


17 


ANNUAL  APPROPRIATIONS  MADE  BY  CONGRESS 

From  1878  to  1887. 


Fiscal 

Fiscal 

Fiscal 

Fiscal 

Fiscal 

Year  1878. 

Year  1879. 

Year  1880. 

Year  1881. 

Year  1882. 

To  Supply  Deficiencies, 

t 
$2,547,186  $15,213,259 

$4,633,824 

$6,118,085 

$5,110,862 

Legislative,      Executive 

aud  Judicial  Expenses, 

15,756,774 

15,868,694 

16,136,230 

16,532,009 

17,797,398 

Sundry  Civil  Expenses, 

17,079,256 

24,968,590 

19,724,869 

22,503,508 

22,011,223 

Support  of  the  Army,    . 

No  appro. 

51,279,079 

26,797,300 

26,425,800 

26,687,800 

Naval  Service, 

13,58'.»,933    14,153,432    14,028,469 

14,405,798 

14,566,038 

Indian  Service, 

4,827,666     4,734,876 

4,713,479 

4,657,263 

4,587,867 

Rivers  and  Harbors, 

No  appro. 

8,32-2,700 

9,577,495 

8,976,500 

11,451,300 

Forts  and  Forliti  cations, 

275,000 

275,000 

275,000 

550,000 

575,000 

Military  Academy, 

286,604 

292,805 

319,517 

316,234 

322,435 

I'ost-Ollice  Department, 

2,939,725 

4,222,275 

5,872,376 

3,883,420 

2,152,258 

Pensions, 

28,533,000 

29,371,574 

56,233,200 

41,644,000 

68,282,307 

Consular  and  Diplomatic 

Service, 

1,146,748 

1,087,535 

1,097,735 

1,180,335 

1,191,435 

Miscellaneous, 

1,425,091 

2,226,390 

2,995,124 

4,959,332 

1,128,006 

Totals, 

88,356,983 

172,016,809 

162,404,648 

155,830,841 

179,579,000 

Fiscal 
Year  1883. 

Fiscal 
Year  1884. 

Fiscal 
Your  1885. 

Fiscal 
Year  188G. 

Fiscal 
Year  1887. 

To  Supply  Deficiencies, 

$9,853,869 

$2,832,680 

$4,385,836 

i$3,332,717 

$13,572,883 

Legislative,      Executive 

and  Judicial  Expeuses, 

20,322,908 

20,763,843 

21,556,902 

21,495,661 

20,809,781 

Sundry  Civil  Expenses, 

25.425,479 

23,713,404 

22,346,750 

25,961,904 

22,650,058 

Support  of  the  Army,    . 

27,032,099 

24.6S1.250 

24,454,450 

24,014,052 

23,753,057 

Naval  Service, 

14,903,558 

15,954,247 

2  8,931,  856 

21,280,707    16,489,557 

Indian  Service, 

5,219,6041     5,388,056 

5,'903,151      5,773,328 

5,561,263 

Rivers  and  Harbors, 

18,988,875;  No  appro. 

14,948,300 

No  appro. 

14,46-l,9oil 

Forts  and  Fortifications, 

375,000 

670,000 

700,000 

72<:>,ooo 

59,877 

Military  Academy, 

335,5;)7 

318,657 

314,503 

309.9J2 

297,805 

I'ost-OUiee  Department, 

1,902,178  Indefinite 

Indefinite 

Indefinite 

Indefinite 

1  'eusions, 

116,000,000:  86,575,000 

20,810,000 

60,000,000 

76,075,200 

(,'onsularand  Diplomatic 

Service, 

1,256,655 

1,296,255 

1,225,140 

1,242,925 

1,364,065 

Agricultural  Departm't, 

427,280 

405,640 

480,190 

580,790 

654,715 

Expenses  of  District  of 

Columbia,3   . 

3,496,060 

3,505,495 

3,594,256 

3,622,683 

3,721  ,051 

Miscellaneous, 

5,888,994 

1,806.139 

7,800,004 

2,26S,383 

10,184,571 

Totals, 

251,428,117 

187,911,065 

137,451,398 

170,608,114 

209,659,383 

1  Not  including  $6,150,062  appropriated  for  the  Naval  service  for  six  months, 
ending  June  30,  1885. 

1  For  six  months  ending  December  31,  1SS4. 

s  NOTE.  —  Or.e  half  of  this  amount  is  by  law  paid  by  the  U.  S.  Government; 
the  other  half  must  be  paid  into  the  Treasury  by  District  taxes,  and  Congress 
appropriates  the  full  sum. 


18 


MAVERICK   NATIONAL   BANK. 


THE  PUBLIC  DEBT,  JUNE  1,   1887. 
INTEREST  BKAUING  DEBT. 


Rate  of 
Interest. 

When  Redeemable. 

Interest  Payable. 

Amount 
Outstanding. 

3* 
4'i* 
4* 

Option,  U.S.,       . 
Sept.  1,  IS'.ll  
July  1,  1907,           .... 

A.,  N.,  F..&M.,  . 
M.,  J.,  8.,  &D.,  . 
J.,  A.,  J..&O.,   . 

$19,716,500 
250,000,000 
737,800,150 

4* 

a* 

6* 

Refunding  Certificates, 
Navy  reunion  Fund,   . 
Pacific  U.K.  Bonds,      ls<.»5-lSfi9, 

J.,  A.,  J..  it  O.,    . 
January  and  July, 

175,650 
14,000,000 
64,623,512 

Total  Interest  Bearing  Debt, 

.        . 

$1,086,315,812 

The  $19,716,500  of  3  per  cents,  are  all  registered.     Of  the  4,'aS,  $206,482,7 
and  of  the  4s,  $621,815,550  are  registered  and  the  balance  coupons. 


DEBT   ON   WHICH   INTEREST    HAS   CEASKD   SINCK  MATURITY. 
Miscellaneous  —  Interest  formerly  from  3  to  7  3-10*,          .        .  $6,541,295  2C 

DEBT   BEARING   NO    INTEREST. 

Old  Demand  Notes,  July  17,  1S61  ;  Feb.  12,  1862,       .        .        .  $57,13000 

Legal  Tender  Notes,  Feb.  25,  1862;  July  11,  1862;  Mar.  3,  1863,         346,681,016  00 
Certificate*  of  Deposit  Juue  8,  1872,     .        .  $9,400,000  00 

Less  Amount  held  in  Treasurer's  Cash,       .  410,000  00 


Gold  Certificates,  Mar.  3. 1S63;  July  12, 18S2,        $123,062,335  00 
Less  Amount  hold  in  Treasurer's  Cash,       .  32,101,358  00 


Silver  Certificates,  Feb.  28,  1878,  . 
Less  Amount  held  in  Treasurer's  Cash, 


$144,432,492  00 
5,289,164  00 


8,900,000  00 


94,960,977  00 


139,143,328  00 


Fractional  Currency,  July  17,  1862;  Mar.  3, 

1863;  June  30,  1S61 $15,323,2563'' 

Lews  Amount  estimated  as  lost  or  destroyed,  8,375,034  00 


Total  Non-Interest  Beariug  Debt, 

RECAPITULATION. 

Interest  Bearing  Debt, 

Debt  on  which  Interest  has  ceased  since  maturity,    . 

Debt  Bearing  no  InU-rest, 

Interest  due  and  nnpuii),         ...... 


6,947,322 

$592,779,773 


.    $1,086,315,813 

C,54 1,295 

692,779,773 

11,905,271 


Total  Debt $1,697,542,151 

Total  Debt  Ion*  Cimh  iu  Treasury,  Jun«  1,.        .        .  .    $1,296,281 ,4*2 


CHAPTER   II. 


THE  CREDITS  OF  FOREIGN  NATIONS. 


The  Rate  of  Return  to  Investors  in  English,  French,  German,  Spanish,  Austrian, 
Turkish,  Egyptian,  Chinese  and  Japanese  Government  Securities  —  Tlie 
Credit  of  the  United  States.  —  Its  Growth  in  Population  and  Wealth.  — The 
Burden  of  Armies  and  Navies  to  European  Nations. 


THE  RATE  OF  RETURNS  TO  INVESTORS  IN  ENGLISH, 
FRENCH,  GERMAN,  SPANISH,  AUSTRIAN,  TURKISH, 
EGYPTIAN,  CHINESE,  AND  JAPANESE  GOVERNMENT  SE- 
CURITIES. 


c 

i   . 

g 

FIRST  FOUR 

C^      H 

'C    • 

MONTHS  OF 

to 

=7: 

o  "2, 

•*-»  ^- 

18S7. 

COUNTRIES. 

2 

13  to 

3§ 

i 

,c 

& 

«g 

H™ 

—  a 

Js 

Argentine  Confederation,  — 

per 

per 

cent. 

cent. 

Loan  of  1868  

6 

5.95 

1889, 

102.75 

104 

100 

Buenos  Ayres,  of  1824,     . 

6 

6.2 

By    pur- 

97.5 

97.5 

97.5 

chase. 

Entre  Rios,  of  1880,  . 

6 

6.6 

1919, 

94.75 

95.5 

89 

Austria,2  — 

Silver  Rentes,    .... 

5 

6.85 

Irredeem- 

66 

68 

61 

able. 

Gold  Rentes,      .... 

4 

3.77 

Irredeem- 

893^ 

90 

84>3' 

able. 

Australasia,  — 

New  South  Wales,  Loan  of  1885, 

3% 

3.7 

1924, 

95% 

96% 

92  3i 

New  Zealand,    .... 

4 

4.15 

1929, 

98 

98  yt 

94 

Queensland,       .... 

4 

34)2 

1913-15,    . 

103 

103 

99,'i 

South  Australia,  inscribed, 

4 

3.84 

1916-35,    . 

102  Ji 

105 

99 

Tasmania  

4 

3.91 

1911, 

103 

103 

99J-3 

Victoria,     

4 

3.64 

1913, 

105% 

106 

lOS^j 

West  Australia, 

±y* 

4.11 

1922, 

106  x 

107 

104 

Belgium,  Loan  of  1874  (Rentes), 

3 

3.62 

Rentes,     . 

93 

94 

90% 

Brazil,  Loan  of  1865,    . 

5 

4.94 

1902, 

100% 

10!X 

98 

1  At  price  per  ultimo  April,  including  redemptiou. 
1  Income  tax,  16#,  is  deducted  from  dividend  coupons. 


20 


MAVERICK    NATIONAL    BANK. 


RATE  OF  RETURNS,  ETC.  —  Continued. 


COUNTRIES. 

Interest. 

a 

~i 

2  v 
** 

i 

«i 
w 

«1 
r 

Latest  Price 
in  April. 

FIK8T     FODR 
MONTHS  0V 

1887. 

JO  ^ 

Jfa 

S3 

>   4J 
5S 

per 

per 

cent. 

cent. 

H.i'.iin,  Great,  Consols,     . 

3 

2.97 

_ 

102% 

99  % 

New2!is  1894  

2-4 

2.81 

1894,'        '. 

_ 

89 

88 

Egyptian     Loan,     guaranteed 

3 

3.00 

100 

100 

97>i 

by  England.1 

Bank  of  England  Stock,  divi- 

9>£ 

3.24 

_ 

290 

294 

dend  last  year. 

Bunk  of  Ireland  Stock,  2  last 

a 

4 

_ 

291 

273 

dividends. 

British  Guiana,  Scrip,' 

4 

4.0 

f 

100 

100 

98 

Canadian  Dominion,  — 

Intercolonial  Railroad,  — 

British  Guarantee, 

4 

3.25 

1903-8,      . 

113 

113 

110 

Canadian  Guarantee,     . 

5 

4.07 

1903, 

111'4 

114 

111 

Cape  of  Good  Hope,  Console,     . 

4 

3.86 

1936, 

10'25i 

102* 

98  >,' 

Ceylon  (redeemable  by  l«t  annu- 

4 

3.87 

104 

105 

102 

ally  from  1-S86). 

Chili,  Conversion  Loan,2 

4>i 

4,'i? 

1887, 

98^ 

101 

100 

China  (red.  by  drawings  fr  1891), 

6 

4.35 

1895, 

113 

113'i 

108 

Colombia,  Defaulter,  with  Cou- 

4.75 

_ 

1878, 

26>i 

31>i 

26>i 

pon  for  1S79 

Costa  Rica  B  Bonds,    . 

5 

7.81 

1S9S, 

65 

66 

66>i 

Dauubian     Principalities    (Rou- 

8 

5.55 

1890, 

107 

112>i 

106 

manin),  1S67. 

Dena)Hrk(red.at  State  option  ;  no 

4 

_ 

_ 

_ 

- 

business  done  in  England). 

Ecuador,   Defaulter   (new    con- 

1 

_ 

. 

H>,' 

12 

9^ 

solidated).3 

Egypt,  lens  5«t  Income  Tux,  Uni- 

4 

5.36 

76V 

78K 

68  X 

fied.* 

British  Guarantee,2  . 

3 

3.00 

100 

100 

87« 

Fiji,  Loan  of  1SS1  (redemption  op- 

4 'a' 

4.42 

104% 

105 

103 

tional  by  1$  Sinking  Fund). 

France,  Loan  of  1SH3  (Rentes),  . 

•I'i 

4.17 

108^ 

108»^ 

104  % 

Redeemable  

3 

3.G:> 

1953,'         ! 

83  ?i 

84?i 

80>f 

Not  redeemable, 

3 

3.8 

79 

82 

75>i 

German  Empire  

15  li 

3^ 

_ 

99.60 

Greece.       Independence     Loan 

5 

7.31 

1899, 

83 

83>i 

76 

Conversion,  1879. 

Guatemala,   Defaulter,  of   ISC'J/' 

8 

_ 

1888, 

37 

37 

22  y. 

Hindustan     Stock    (payable     In 

4 

3.95 

After  1888, 

103^ 

104 

100^ 

London). 

Debenture  HomU  (ditto), 

3  'j 

:>,..rm 

18S9-01,     . 

100 

100  y* 

991-,' 

Eufaced     Taper    (payable    In 

4* 

4.;>5 

3  nios.  no- 

67?,' 

71* 

66 

rupees  in  India). 

tice. 

Holland,'        'J1; 

;i.4" 

72'^ 

75 

71^ 

Direct  Government  Issue,4 

3.55 

87# 

99 

97% 

1  At  price  per  ultimo  April,  including  redemption. 

*  Redeemable  by  purchase  or  drawings. 
»  Last  dividend  paid  was  that  for  1S«7. 

*  Redeemable  by  purchase. 

«  4-5*  Sinking  Fund  not  applied. 


MAVERICK   NATIONAL   BANK. 


21 


RATE  OF  RETURNS,  ETC.  —  Continued. 


COUNTRIES. 

c 

c 

B 

-i 

2  v 

> 

Date  of  Re- 
demption. 

8 

S3 
a 
•jj<j 

Sc 

iJ 

FIRST   FOUK 
MONTHS  O» 
1887. 

J3*J 
tc<S 

s  v 

£*> 

iJ  * 

per 

per 

cent. 

cent. 

Honduras  R.R.  Loan,  Defaulter 

10 

_ 

1885, 

9 

19>i 

6% 

(no  int.  paid  since  July,  1S72). 

Hungary,  Gold  Rentes, 

4 

5.06 

Rentes,    . 

80% 

84  % 

73 

Italy,   less    13.2?t  Income    Tax, 

5 

4.45 

Irredeem- 

96% 

lOOAi 

90)£ 

Rentes,  1861. 

able. 

Jamaica,  1881-82,  .... 

4 

3.95 

1927, 

102 

102 

100 

Japan,  1873,  

7 

4.68 

1898, 

116 

117^ 

110 

Mauritius,  Consols, 

4 

3.95 

1922, 

102 

102 

99 

Mexico,  1851,  Defaulter, 

3 

- 

Irredema- 

29% 

29>i 

24 

able. 

1864,  Defaulter, 

3 

- 

Irredeem- 

13% 

13* 

llM 

able. 

Natal,  1884  

5 

4.39 

1924, 

113 

114 

104 

Nicaragua  Scrip  (all  paid), 

6 

6.77 

1919, 

92  ' 

92 

88 

Norway,  1880  

4 

3.77 

1934  or  ear- 

- 

105 

102 

lier. 

Orange  Free  State  (repayable  in 

6 

5.74 

1905, 

104% 

105 

102 

20  annual  drawings). 

Paraguay,  Defaulter  (June,  1874, 

8 

- 

1893, 

18% 

18^ 

15% 

unpaid). 

Peru,    Consols,     Defaulter    (no 

5 

- 

1898, 

13% 

14 

10% 

payment  since  1872). 

Portugal  (irredeemable),     . 

3 

5.37 

56 

56!^ 

49% 

Of  f882,      

5 

5.42 

1961,' 

93  % 

94% 

91% 

Prussia,  Consols,  1SSO, 

4 

3.86 

After  Jan., 

- 

105 

101 

1885. 

Russia,  Anglo-Dutch    Loan    of 

IRfifi 

5 

5.27 

1904, 

97  x 

99 

92 

IOUO. 

Moscow  Jaroelaw  R.  R.  Loan, 

5 

4.96 

1945, 

103 

103 

99 

San    Domingo,    1869,  Defaulter 

6 

_ 

1894, 

16 

17 

13% 

(no  int.  paid  since  July,  '72). 

Spain,  1882,  External  Debt  (irre- 

4 

6.16 

64% 

66>^ 

59% 

deemable). 

Quicksilver  Mortgage,  1870,     . 

5 

4.62 

1900, 

104 

105 

102 

Sweden,  1SSO,        .        . 

4 

3.8 

1895-1930, 

104  x 

105 

102 

Trinidad,  1880,      .... 

4 

3.89 

1883-1939, 

103 

103 

98 

Turkey,  General  Debt, 

1 

7.69 

l^Siukiug 

13 

14 

12 

Fund. 

English  and  French  Guarantee, 

4 

3.76 

1900, 

107 

109 

106 

Ottoman  Defence  Loan,  1877, 

5 

5.9 

By   p  u  r- 

85%  x 

86^ 

78% 

chase. 

United  States  (in  Gold  iuN.  Y.), 

3 

2.91 

By  draw- 

103 

104% 

102% 

ings. 

U.  8.  A.,  Funded,  1876,2      . 

4% 

4.01 

18917 

112  y^ 

H3>£ 

110% 

1877,2     . 

4% 

3.08 

1907, 

131  4 

132 

130 

Uruguay,  Unified,  1883, 

5 

8.77 

57 

57% 

44  % 

1  At  price  per  ultimo  April,  including  redemption. 

2  Redeemable  by  drawings  not  before  1891. 

3  New  York  quotation,  May  14:  highest,  HO1^  ;  lowest,  109%. 

4  New  York  quotation,  May  14  :  highest,  129,%;  loweit,  129%. 


MAVERICK   NATIONAL   BANK. 


RATE  OF  RETURNS,  ETC.  —  Concluded, 


a 

i 

8 

FIRST  FOUR 

** 

*  o 

?     • 

MONTHS  or 

COUNTRIES. 

0  h 

-  o 

=  1. 

"•& 

1887. 

§ 

«§ 

1  = 

tfm 

is 

c 

1 

3~ 

a" 

3  * 

Virginia,  Defaulter  'unpaid  since 

p.  ct. 

p.  ct. 

1867),       

6 

_ 

38 

33 

Masttachusettg,  1871-72,  Sterling, 

5 

3.61 

1889-91,    . 

104 

108  % 

103 

Venezuela,  New  Consols,   . 

3 

7.5 

By  p  u  r- 

40 

41 

37 

chase. 

THE  CREDIT  OF  THE  UNITED  STATES. 

United  States  four  per  cent,  bonds  stood  between  129 
and  130  at  the  date  of  the  compilation  of  the  above 
table.  At  1.30.92,  or,  in  round  numbers,  131,  with  20 
years  to  run,  they  net  the  investor,  according  to  the 
treasury  department  tables,  just  2£  per  cent,  per  annum. 
The  four  and  one-half  per  cent,  bonds,  with  4£  years  to 
run,  also  net  2|  per  cent,  to  the  purchaser,  at  109.94,  or 
say  110  —  about  the  May  price. 

The  credit  of  the  United  States  ranks  highest  among 
the  nations  of  the  earth,  not  because  of  the  advantages 
given  to  national  banks  in  permitting  them  the  issue  of 
bills  against  assets  of  government  bonds,  for  national 
banks  do  not  now  hold  a  larger  proportion  of  the  interest- 
bearing  debt  than  they  did  twenty  years  ago.  Our  credit 
ranks  first  because  we  are  now  first  in  everything  that 
should  give  credit,  first  in  wealth,  first  in  production 
of  brain  and  hand,  —  in  invention,  manufactures  and 
agriculture,  —  first  in  the  excess  of  national  revenues 
over  expenditures,  and  first  in  the  economy  of  our 
national  defences. 

From  the  American  Almanac  we  take  the  following 
tables,  as  fitly  supplementing  those  we  have  compiled 
above.  Of  the  forty-two  nations  whose  debts  and 
revenues  nre  here  record  -d,  just  one-half  have  expendi- 
tures in  excess  of  receipts,  and  the  annual  surplus  of  the 
United  States  exceeds  the  aggregate  of  all  other  nations. 

•At  price  per  ultimo  April,  including  redemption. 


MAVERICK    NATIONAL   BANK. 


23 


DEBTS,    REVENUES,    EXPENDITURES,    AND    COMMERCE    OF 

NATIONS. 

[00,000  omitted.] 


COUNTRIES. 

Fiscal 
Year. 

Public 
Debt. 

Keve- 
nue. 

Expen- 
ditures. 

Imports.1 

Exports.i 

Argentine  Republic,  . 

1885 

$148,2 

$34,6 

$43,4 

$87,6 

$83,  '. 

Australasia,2 

18S5 

704,5 

119,6 

120,1 

316,8 

257,7 

Austria-Hungary, 

18S5 

1,493,6 

62,8 

63,1 

312,4 

350,2 

Austria  proper,  . 

1885 

331,3 

205,0 

271,4 

(InAustria- 

Hungary.) 

Hungary  proper, 

1885 

504,8 

159,9 

169,2 

(In  Austria- 

Hungary.) 

Belgium, 

1886 

409,3 

61,1 

63,1 

283,6 

267,8 

Bolivia, 

1S85 

21,9 

3,4 

4,7 

6,1 

9,3 

Brazil, 

18S5 

431,5 

75,7 

80,2 

109,1 

113,7 

Canada, 

1885 

264,7 

32,7 

35,0 

113,4 

92,9 

Chili,    .... 

1886 

63,4 

40,2 

39,8 

52,8 

68,0 

China,3 

1884 

39,4 

121,5 

110,2 

134,3 

98,1 

Colombia,  U.  8.  of,     . 

1884 

21,5 

4,1 

3,6 

11,5 

14,8 

Denmark,    . 

1885 

27,9 

15,8 

13,2 

76,7 

49,9 

Ecuador, 

1885 

16,5 

4,2 

4,1 

6,0 

6,1 

Egypt, 

1882 

518,6 

45,0 

47,6 

41,8 

63,3 

France, 

1886 

6,148,9 

757,3 

763,8 

905,1 

670,0 

Germany,    . 

1885 

140,7 

184,3 

156,5 

772,1 

716,5 

German  States, 

1883 

1,813,0 

•2*2,4 

471,5 

(In  German 

Empire.) 

Great  Britain,     . 

1886 

3,711,2 

418,4 

461,1 

1,950,0 

1,479,8 

Greece, 

1884 

90,4 

16,2 

17,0 

27,2 

18,8 

Hawaii, 

1885 

1,0 

3,2 

3,2 

3,8 

9,0 

India,  British,     . 

1885 

834,6 

358,4 

355,3 

347,9 

425,3 

Italy  

1886 

2,246,9 

342,5 

358,9 

515,3 

267,6 

1885 

567,3 

56,6 

56,6 

29,1 

33,2 

Mexico, 

1SS6 

156,1 

31,7 

26,3 

36,2 

41,8 

Netherlands, 

1886 

426,4 

46,6 

52,3 

423,5 

318,4 

Norway, 

1885 

30,0 

12,6 

10,9 

37,6 

2G.il 

Paraguay,    . 

1885 

4,5 

1,2 

1,1 

1,3 

1.4 

Persia, 

1885 

No  debt. 

8,3 

7,7 

29,5 

22,2 

Peru,    .        .        .    "    . 

1884 

242,5 

7,0 

9,6 

10,5 

7,4 

Portugal, 

1885 

476,4 

35,4 

38,4 

37,7 

24,0 

Roumania,  . 

1886 

140,0 

27,6 

17,1 

59,6 

36,9 

Russia, 

1SS5 

3,669,9 

559,6 

489,4 

304,4 

394,1 

Servia, 

1885 

52,5 

9,5 

9,2 

10,5 

7,5 

Siam  

1884 

- 

4,0 

3,8 

6,2 

11,2 

Spain,4 

1885 

190,0 

180,2 

179,2 

110,7 

120,4 

Sweden/ 

1885 

65,2 

22,6 

21,9 

83,2 

60,2 

Switzerland, 

1885 

6,5 

9,6 

9,2 

151,9 

132,2 

Turkey,"      . 

1885 

744,8 

59,2 

76,6 

87,2 

58,2 

United"  States,     . 

18S6 

1,783,4 

336,4 

242,4 

674,0 

751,9 

Uruguay,     . 

18S5 

62,3 

12,1 

12,0 

25  2 

25,2 

Venezuela," 

1885 

21,8 

5,8 

7,8 

17*2 

19,6 

Total  debts,    . 

i?2S,625,9 

1  Including  merchandise,  specie  and  bullion. 

2  Including  New  South  \Valus,  New  Zealand,  Queensland,  South  Australia, 
Tasmania,  Victoria  and  Western  Australia 

•'  Foreign  debt  only. 

4  Spain  being  wholly  unable  to  meet  the  interest  on  its  debt,  it  was  "  con- 
verted "  in  1881-82  from  an  aggregate  of  £2, OW ,000 ,000  into  new  securities  to  the 
amount  of  §1,290,000.000  at  four  per  cent. 

6  The  debt  of  Sweden  is  wholly  offset  by  the  value  of  the  State  railways,  built 
by  the  Government. 

'•  The  Turkish  Government,  by  arrangement  with  a  committee  of  bond- 
holder?, "  scaled  "  its  public  debt  in  18S1  from  $1,264,009,425  to  $532,186,170, 
pledging  its  revenues  for  payment. 

7  Venezuela's  foreign  debt,  which  had  grown  to  over  $54,000,000  in  1S78,  -when 
interest  payments  were  resumed,  was  "consolidated"  into  new  four  per  cent, 
bondi  in  1881. 


24 


MAVERICK    NATIONAL    BANK. 


ARMIES  OF  THE  WOULD. 

COUNTRIES. 

Popu- 
lation. 

Regular 
Army. 

War 
Footing. 

Annual  Cost 
of  Army. 

Cost  to 
each 
Inhabi- 
tant. 

Percent 
of  total 
Expen- 
diture. 

Austria-Hungary, 
Argentine  Republic,  . 

37,7 
2,4 

284,071 
7,518 

1,078,904 
357,518 

$49,116,248 
5,800,000 

$1  30 
2  41 

78.14 
17.74 

Belgium, 
Bolivia, 

5,5 
2,0 
10,1 

47,084 
3,021 
13,500 

2,000 
13,9-26 
300,000 
4,000 
25,653 

224,637 
6,000 
32,000 

700,152 
65,752 
1,200,000 
30,740 

9,208,046 
2,148,000 
7,466,120 

3,840,000 
16,326,095 
75,000,000 

1  66 
1  03 
73 

88 
17 

14.08 
65.08 
9.72 

13.36 
70.9-2 
63.03 

4,3 

Chili  
China,  .... 
Columbia,    . 
Cuba,   .... 

-',4 
434,6 
2,9 
1,5 

Denmark,    . 

2,0 

35,727 

60,522 

2,461,955 

1  17 

16.62 

Egypt, 

17,4 

10,900 

43,000 

- 

- 

- 

France, 

37,4 

529,269 

3,753,164 

121,061,600 

3  23 

16.99 

Germany,    . 
<  trout  Britain, 
Greece, 
Guatemala, 

45,1 
3.V2 
1,9 
1,2 

445,402 
181,971 
211,368 
2,180 

1,492,104 
641,753 
35,188 
34,409 

84,968,140 
90,901,630 
3,312,140 

1  88 
2  57 
1  07 

57.52 
20.89 
22.12 

Hawaii, 

- 

400 

- 

- 

- 

- 

India,  British,     . 
Italy  

252,5 
28,4 

190,476 
750,765 

380,000 
1,1)85,619 

87  '201  250 
4lio98,'611 

34 

1  44 

24.52 
13.20 

Japan  

36,7 

37,790 

120,982 

9,263,713 

25 

14.  7S 

Luxembourg, 

'•! 

377 

75,680 

36 

5.65 

Mexico, 

y,3 

22,330 

- 

8,252,352 

87 

24.76 

Netherlands, 

4,0 
1,8 

65,113 
703 
18,750 

165,010 
10.3U3 
241,600 

8,464,000 
1,6-28,440 

2  OS 
90 

15.12 
14.89 

Norway, 

Persia, 
IVru 

7,0 

3  0 

30,000 
13/200 
33,994 

105,500 
7o,(Hio 
7S.U24 

3,800,000 
5,009,105 

54 
1  12 

42.  '2-2 
14.54 

I'ortusal,      . 

4,5 

Koiimaniit,  . 

9s,'.f! 

19,512 

780,0X1 

1S.OOO 
152.S95 
40,758 
117,500 

150,000 
2,300,000 

210,000 
400,000 
191,010 
215,000 

5,463,550 
125,508,474 

2,072,890 
24,524,415 
4,3-22,800 
3,341,200 

1  01 
1  27 

1  21 

1  47 
94 

1  17 

20.90 
27.31 

29.80 
i:'..93 
1^.97 
39.00 

Servia, 

1,7 

Spain,  .... 
Sweden, 
Switzerland, 

iti.e 

4,-') 
2,8 

Turkey, 

25,0 

160,417 

610,200 

23,841,064 

95 

33.81 

United  StaUa,     . 

I'ruguay, 

50,1 
4 

20,383 
4,500 

3,165,000* 

27,700 

39,429,603 

78 

16.15 

Venezuela,  . 

•2,'i           3,000 

60,000 

~ 

~ 

~ 

E.  — The  liibt  column   showt   the,   ratio  which   the   military  expenditure 
beari  to  the  total  nmiual  expenditure  of  each  nation. 
*  Militia  forc«  plum  the  regular  army. 


MAVEBICK  NATIONAL  BANK. 


25 


THE  NAVIES  OF  THE  WORLD. 


Cotrmms. 

m 

"n"*" 

S| 

SF 

No.  of 
Men. 

Cost  of 
Navy. 

COUNTRIES. 

*1 

& 

No.  of 
Hen. 

Cost  of 

Navy. 

$ 

$ 

Argentine  Republic 

33 

991 

2,670,000 

Italy, 

72 

15,140 

10,310,741 

Austria-Hungary, 

68 

T,222 

3,838,460 

Japan, 

31 

5,551 

2,024,552 

Belgium, 

10 

172 

— 

Mexico,  . 

8 

— 

- 

Brazil, 

48 

4,984 

5,560,291 

Netherlands, 

166 

3,436 

5,170,886 

Canada  (Dominion) 

7 

- 

- 

Norway, 

46 

915 

420,680 

Chili, 

10 

2,225 

4,359,893 

Peru, 

- 

- 

- 

China, 

56 

- 

— 

Portugal 

39 

3,200 

1,607,411 

Denmark, 

44 

1,122 

1,575,577 

Roumanii, 

10 

530 

- 

Egypt, 

13 

- 

— 

Russia, 

373 

28,975 

19,911,580 

France, 

302 

39,365 

40,989,363 

Spain, 

124 

21,678 

6,719,046 

Germany, 

91 

15,200 

6,752,094 

Sweden, 

133 

7,723 

1,418,420 

Great    Britain    anc 

Turkey, 

49 

40,392 

3,000.000 

Ireland, 

246 

57,250 

53,643,90.') 

United  States 

93 

12,204 

17,292,601 

Greece,     . 

16 

2,637 

833,708 

Venezuela, 

4 

200 

~ 

THE  WEALTH  AND  POPULATION  OF  THE  UNITED  STATES. 

In  1850,  the  total  wealth  of  the  United  States  was  but 
$8,430,000,000  [£1,680,000,000],  while  that  of  the  United 
Kingdom  exceeded  $22,500,000,000  [£4,500,000,000],  or 
nearly  three  times  that  sum.  Thirty  short  years  sufficed 
to  reverse  the  positions  of  the  respective  countries.  In 
1882,  the  Monarchy  was  possessed  of  a  golden  load  of 
no  less  than  eight  thousand  seven  hundred  and  twenty 
millions  sterling.  Just  pause  a  moment  to  see  how  this 
looks  strung  out  in  cold  figures ;  but  do  not  try  to 
realize  what  it  means,  for  mortal  man  cannot  conceive  it. 
Herbert  Spencer  need  not  travel  so  far  afield  to  reach  the 
unknowable.  He  has  it  right  here  under  his  very  eyes. 
Let  him  try  to  know  the  import  of  this,  —  $43,600,000,000 
[£8,720,000,000].  It  is  impossible.  But,  stupendous 
as  this  seems,  it  is  exceeded  by  the  wealth  of  the 
Republic,  which  in  1880,  two  years  before,  amounted  to 
$48,050,000,000  [£9,790,000,000].  What  a  mercy  we 
write  for  1880 ;  for  had  we  to  give  the  wealth  of  one 
year  later,  another  figure  would  have  to  be  found  and  added 
to  the  interminable  row.  America's  wealth  to-day  greatly 
exceeds  ten  thousand  millions  sterling.  Nor  is  this 
altogether  due  to  her  enormous  agricultural  resources,  as 
may  at  first  glance  be  thought ;  for  all  the  world  knows 
she  is  first  among  nations  in  agriculture.  It  is  largely 


26  MAVERICK   NATIONAL   BANK. 


attributable  to  her  manufacturing  industries ;  for,  as  all 
the  world  does  not  know,  she,  and  not  Great  Britain,  is 
also  the  greatest  manufacturing  country.  In  1880,  British 
manufactures  amounted  in  value  to  eight  hundred  and 
eighteen  millions  sterling ;  those  of  America  to  eleven 
hundred  and  twelve  millions,  —  nearly  half  as  much  as 
those  of  the  whole  of  Europe,  which  amounted  to  twenty- 
six  hundred  millions.  Thus,  although  Great  Britain 
manufactures  for  the  whole  world,  and  the  Republic  is 
only  gaining,  year  after  year,  greater  control  of  her  own 
markets,  Britain's  manufactures  in  1880  were  not  two- 
thirds  the  value  of  those  of  the  one-century-old  Republic, 
which  is  not  generally  considered  a  manufacturing  country 
at  all. 

France,  with  her  fertile  plains  and  sunny  skies,  requires 
a  hundred  and  sixty  years  to  grow  two  Frenchmen  where 
one  grew  before.  Great  Britain,  whose  rate  of  increase 
is  greater  than  that  of  any  other  European  nation,  takes 
seventy  years  to  double  her  population.  The  Republic 
has  repeatedly  doubled  hers  in  twenty-five  years.  In 
1831,  Great  Britain  and  Ireland  contained  twenty-four 
millions  of  people,  and  fifty  years  later  [1881]  thirty-four 
millions.  France  increased  during  the  same  period  from 
thirty-two  and  a  half  to  thirty-seven  and  a  half  millions 
The  Republic  bounded  from  thirteen  to  fifty  millions. 
England  gained  ten,  France  live,  the  United  States  thirty- 
seven  millions.  Thus  the  Republic  in  one-half  century 
added  to  her  numbers  as  many  as  the  present  total  popu- 
lation of  France,  and  more  thtin  the  present  population  of 
the  United  Kingdom.  Think  of  it!  a  Great  Britain  and 
Ireland  called  forth  from  the  wilderness,  as  if  by  magic, 
in  less  than  the  span  of  a  man's  few  days  upon  earth, 
almost 

"  As  if  the  yawning  earth  to  heaven 
A  subterranean  host  had  j*ivcn." 

Truly  the  Republic  is  the  Minerva  of  nations;  full-armed 
has  she  sprung  from  the  brow  of  Jupiter  Britain.  The 
thirteen  millions  of  Americans  of  1830  have  now  increased 
to  fifty-six  millions,  —  more  English-speaking  people  than 
exist  in  all  the  world  besides,  more  than  in  the  United 
Kingdom  and  all  her  colonies,  even  were  the  latter  doubled 
in  population.  —  Carueyie's  Triumphant  Democracy. 


CHAPTER    III. 


STATE  AND  MUNICIPAL  INDEBTEDNESS. 


General  Notes  on  State  Indebtedness.  —  State,  Territorial,  County,  and  Muni- 
cipal Debts  in  18SO.  —  State  Debts  and  Valuations,  January  1,  1887.— 
Approximate  Credit  of  States.  —  Debts,  Population,  and  Debt  per  Capita  of 
Forty  Cities  of  the  United  States  — Average  Rates  of  Interest  Paid  and 
Credits  of  Leading  Cities  of  the  United  States.  —  Growth  of  American 
Cities  of  50,000  Population  since  1790.  —  Indebtedness  of  Foreign  Cities. 

STATE  DEBTS. 

The  debts  of  the  Northern  States  were  contracted 
largely  for  war  purposes  between  1861  and  I860,  and 
many  of  them  have  been  greatly  reduced  or  entirely 
extinguished.  But  the  debts  of  the  Southern  States, 
although  not  changed  much  during  the  war,  were-  reck- 
lessly increased  during  the  reconstruction  period.  Several 
States  have  adopted  one  scaling  process  after  another, 
and  some  have  repudiated  their  bonds  altogether. 

States  are  free  from  prosecution  for  payments  of  their 
debts  under  the  interpretation  by  the  United  States 
Supreme  Court  of  the  Eleventh  Amendment  to  the  Con- 
stitution, and  hence  the  bonds  became  debts  of  honor 
solely.  Neither  individual  creditors  nor  other  States 
can  bring  suit  against  a  defaulting  commonwealth. 
Virginia  has  made  a  contract  with  its  bondholders  which 
cannot  be  annulled  by  legislation,  in  making  bond  cou- 
pons receivable  for  taxes  ;  but  subsequent  legislation  has 
prescribed  methods  of  making  coupons  available  for  tbi.4 


28 


MAVEIiICK   NATIONAL   BANK. 


purpose  BO  vexatious  as  to  almost  annul  their  value. 
Suits  on  this  point  have  twice  been  carried  to  the  United 
States  Supreme  Court,  and  the  validity  of  the  coupons 
as  a  legal  tender  for  taxes  has  been  reaffirmed.  The 
large  body  of  Virginia  tax-payers,  however,  still  pay  their 
taxes  in  money. 

The  foreign  holders  of  Virginia  bonds  have  lately  re- 
newed their  resolution  to  maintain  and  push  their  rights 
before  the  United  States  courts,  and  still  steadfastly 
resist  the  Riddleberger  settlement.  They  are  willing  to 
accept  a  compromise  based  upon  the  available  revenue, 
after  providing  for  the  constitutional  appropriations  for 
government,  schools,  etc.,  without  raising  the  present  rate 
of  taxation.  The  question  is  whether  such  a  compromise 
will  be  accepted  by  the  people.  Efforts  are  also  being 
made  to  induce  West  Virginia  to  assume  her  portion  of 
the  old  State  debt,  but  the  authorities  of  the  two  States 
differ  as  to  the  amount  of  the  former's  liability. 

NET  STATE,  TERRITORIAL,  COUNTY,  AND  MUNICIPAL  DEBTS 
OF  THE  UNITED  STATES,  WITH  POPULATION  AND  DEBT 
PER  CAPITA,  1880. 


1880.     [000  omitted.] 

Total 
l)cbt 

STATES  AND  TKKIII- 

Net 

Net 

per 

TORIK8. 

Net  State 
I)cbt.» 

County 
Debt.' 

Municipal 
l>ebt.f 

Total 
Debt.* 

Popula- 
tion. 

capita, 
1880. 

Alabama, 

$9,071 

$1,703 

$3,953 

$14,72S 

1,262 

$11.67 

ArkauBas, 

4,039 

3,135 

763 

7,938 

802 

9  89 

California, 

3,300 

7,312 

6,138 

16,755 

804 

19.38 

Colorado, 

212 

2,492 

889 

3,594 

194 

18.41) 

Connection, 

4,987 

101 

16,932 

22,001 

623 

:>,:>.:;.•! 

Delawun, 

8S9 

44 

1,421 

2,346 

146 

10.01 

Florida, 

1,134 

435 

1,055 

2,  626 

269 

9.75 

Georgia, 

9,951 

181 

9,548 

19,081 

1  ,542 

12.70 

Illinois, 

No  debt. 

14,181 

30,999 

45,180 

3,077 

14.  6S 

Imli.-iiiii, 

4,998 

4.04S 

9,307 

18,353 

1,978 

9.2S 

Iowa, 

370 

2,992 

4,599 

7,962 

1,624 

4.90 

•  The  aggregate  of  debt,  after  deducting  sinking  fund. 
f  Including  township  aud  «rhool  district  debt. 


MAVERICK   NATIONAL   BANK. 


29 


NET  DEBTS  OF  THE  UNITED  STATES,  ETC.  —  Concluded. 


1880.    [000  omitted.] 

Total 

Debt 

STATES  AND  TERRI- 

TORIES. 

Net  State 
Debt.* 

Net 
County 
Debt* 

Net 
Municipal 
Debt.f 

Total 
Debt.* 

Popula- 
tion. 

per 

capita, 
1880. 

Kansas,  . 

1,087 

7,950 

8,967 

16,005 

996 

16.07 

Kentucky, 

1,089 

5,877 

8,010 

14,977 

1,648 

9.08 

Louisiana,!    • 

23,437 

1,107 

18,320 

42,865 

939 

45.60 

Maine,     . 

4,682 

451 

17,272 

22,406 

649 

34.53 

Maryland, 

7,627 

1,377 

1,891 

10,896 

935 

11.65 

Massachusetts, 

20,159 

1,371 

69,753 

91,283 

1,783 

51.19 

Michigan, 

No  debt. 

896 

7,906 

8,803 

1,636 

5.38 

Minnesota, 

2,565 

901 

5,009 

8,476 

780 

10.86 

Mississippi,    . 

379 

1,134 

498 

2,013 

1,131 

1.78 

Missouri, 

16,259 

11,923 

29,249 

57,431 

2,168 

26.48 

Nebraska, 

375 

5,120 

1,929 

7,425 

452 

16.41 

Nevada,  . 

— 

891 

133 

1,024 

62 

16.45 

New  Hampshire,  . 

3,561 

779 

6,383 

10,724 

346 

30.91 

New  Jersey,  . 

813 

6,668 

42,064 

49,547 

1,131 

43.80 

New  York,     . 

7,536 

12,399 

198,787 

218,723 

5,082 

43.03 

North  Carolina, 

5,706 

1,524 

963 

8,194 

1,399 

5.85 

Ohio, 

5,732 

2,962 

40,058 

48,753 

3,198 

15.24 

Oregon,  . 

511 

211 

125 

848 

174 

4.86 

Pennsylvania, 

20,716 

9,781 

83,537 

114,034 

4,282 

26.63 

Rhode  Island, 

1,832 

- 

11,270 

13,102 

276 

47.38 

South  Carolina, 

6,639 

1,573 

5,132 

13,345 

995 

13.41 

Tennessee, 

27,440 

3,060 

6,886 

37,387 

1,542 

24.25 

Texas,     . 

5,566 

2,499 

3,538 

11,604 

1,591 

7.29 

Vermont, 

4 

23 

4,324 

4,352 

332 

13.10 

Virginia, 

29,345 

1,283 

11,471 

42,099 

1,512 

27.83 

West  Virginia, 

No  debt. 

592 

920 

1,513 

618 

2.45 

Wisconsin,     . 

2,252 

2,292 

7,331 

11,875 

1,315 

9.03 

Aggregate,  . 

$234,257 

$121,285 

$675,348 

$1,030,891 

49,371 

- 

TERRITORIES. 

Arizona, 

- 

$353 

$24 

$377 

40 

$9.33 

Dakota,  . 

- 

961 

37 

998 

135 

7.39 

Dist.  of  Columbia, 

- 

- 

22,675 

22,675 

177 

127.66 

Idaho,     . 

$88 

143 

3 

235 

32 

7.22 

Montana, 

64 

659 

35 

759 

39 

19.41 

New  Mexico, 

_ 

84 

_ 

84 

119 

.71 

Utah,       . 

9 

15 

91 

116 

143 

.81 

Washington,  . 

- 

204 

34 

239 

75 

3.19 

Wyoming, 

17 

169 

19 

205 

21 

9.88 

Aggregate,  . 

$179 

$2,591 

$22,921 

$25,692 

784 

- 

Total  Aggregate,  . 

$234,436 

$123,877 

$698,270 

$1,056,584 

50,155 

$21.07 

*  The  aggregate  of  debt,  after  deducting  sinking  fund, 
t  Including  township  and  school  district  debt. 
J  Old  debt  (1874),  now  being  refunded. 


30 


MAVERICK   NATIONAL   BANK. 


NET    DEBTS,  VALUATION,   AND   TAXES   OF   THIRTY-EIGHT 
STATES. 

Latent  Official  Statement*  to  Jan.  1,  1887. 


STATES. 

Date  of 
Statement. 

Amount 
of  State 
Debt 
Funded. 

Amount 
raised  by 
Taxation 
ast  Year. 

AMOUNT  OF 
TAXABLE  PROPERTY 
AS  ASSESSED. 

State 
Tax 
on 
$100. 

Real. 

Personal. 

[000  omitted.] 

Dollars. 

Dollars. 

Dollars. 

Dollars. 

Cents. 

Alabama,  . 

Oct.    1,'86, 

12,192 

1,041 

102,038 

70,470 

65 

A  rkansas,  . 

Oct.    V85, 

5,108 

966 

78,444 

48,382 

40 

California,1 

July   1,'84, 

3,203 

3,861 

558,373 

167,338 

49  7-10 

Colorado, 

Dec.   1,'86, 

None. 

534 

130,000* 

40 

Connecticut, 

Dec.  1,*84, 

4,272 

1,463 

243,858 

104,916 

12 

Delaware,2 

Dec  22,  '83, 

864 

117 

— 

_ 

— 

Florida,      . 

Jan.    1,'85, 

503 

377 

60,042* 

40 

Georgia,     . 

Oct.    1,'86, 

8,210 

1,351 

183,366 

146,123 

35 

Illinois, 

Oct.    1,  '85, 

None. 

3,000 

578,229 

218,111 

42 

Indiana, 

Nov.  1,  '85, 

6,008 

2,889 

566,521 

227,004 

UK 

Iowa,* 

July   1,'85, 

_ 

1,148 

489,660 

135,045 

25 

July    l,'8e, 

847 

1,0  S2 

189,635 

87,945 

41^ 

Kentucky,5 

July    1,'86, 

1,174 

907 

294,194 

98,371 

52  % 

Louisiana, 

Jan.    1,'86, 

15,100 

1,567 

149,145 

63,579 

10 

Maine, 

Jan.    l,'8.r), 

5,316 

1,301 

265,973* 

40 

Maryland,8 

Oct.    1,'S5, 

10,970 

887 

473,452* 

18^ 

Massachusetts,7 

Jan.    1,'80, 

31,432 

2,005 

1,287,993 

494,355 

8  53-100 

Michigan,  .        . 

Oct.    1,'86, 

243 

1,202 

849,921* 

12  7-10 

Minnesota,8 

Aug.  1,'86, 

4,026 

653 

386.547 

79,204 

18 

Mississippi,9 

Jan.    1,'86, 

3,178 

605 

87,282 

35,454 

25 

Missouri,   . 

Nov.  9,  '85, 

14,309 

2,839 

498,730 

229,044 

40 

Nebraska,  . 

Dec.   1,'S6, 

499 

1,117 

163.499* 

76* 

Nevada, 

Nov.  22,  '80, 

409 

516 

43,526* 

90 

New  Hampshire, 

June  1,'86, 

2,926 

400 

130,  298 

101  ,360 

19 

New  Jersey, 

Nov.   1,'85, 

1,596 

1,375 

565,537* 

25 

New  York,10 

Oct.    1,'86, 

9,327 

9,512 

2,893,899 

324,783 

29  6-20 

North  Carolina, 

Dec.   1,'86, 

15,421 

691 

124,135 

77,087 

37>i 

Ohio,. 

Nov.  15,  '85, 

3,720 

4,6-Jl 

1,160,  165 

009,903 

29 

Oregon, 

Jan.    1,'85, 

110 

239 

77,188* 

31 

Pennsylvania,1* 

Jan.    1,'85, 

19,904 

6,495 

1,697,202 

1,403,814 

40 

Rhode  Island,   . 

Oct.  2:5,  '86, 

1,341 

301 

243,658 

84,872 

12 

South  Carolina, 

Nov.  1,'85, 

6,521 

622 

87,649 

62,324 

55 

Tennessee, 

Jan.    1,'80, 

17,000 

954 

256,456* 

40 

Texas, 

Nov.  1,'8:>, 

4,237 

1,538 

347,846 

214,258 

37  % 

Vermont,  . 

Aug.   1,'86, 

No  debt. 

371 

107,264 

49,927 

10 

Virginia,    . 

Oct.     1,'8G, 

31,415 

1,366 

202,956 

84,884 

40 

West  Virginia,'2 

Oct.    1/86, 

- 

766 

116,746 

57,257 

35 

Wisconsin, 

Oct.    1,'8G, 

2,252 

889 

381,584 

114,584 

18  1-10 

Aggregate, 

$230,247 

- 

$21,387,437 

- 

*  Real  and  personal. 

1  California  holds  in  trust  for  her  school  and  university  funds  $2,690,000  of 
her  bonded  debt,  on  which  interest  only  is  payable,  reducing  the  net  debt  to 
$354,500. 

1  Delaware  has  no  State  tax  on  property,  and  therefore  no  State  valuation  of 
taxable  property.  The  State  holds  interest-paying  securities  of  over  one  mil- 
lion, and  is  actually  out  of  debt. 

3  All  of  Iowa's  debt  is  invented  in  the  school  fund,  the  Interest  only  being 
payable. 

4  Kansas  holds  $607,925  of   its  bonds    in    permanent   school    fund,   besides 
$21,000  sinking  fund. 

8  Kentucky  had  $530,fi~>0  in  sinking  fund,  and  is  practically  out  of  debt. 


MAVERICK  NATIONAL  BANK. 


APPROXIMATE  CREDIT  OF  STATES. 


STATE. 

Bonds 
in  Thousands. 

Average  Rate 
of 
Interest  Paid. 

Credit  as 
represented 
by  Kate  of  In- 
come realized 
by  Holder  at 
current  Prices. 

9,193 

4.33 

4.13 

5,104 

California,2         
Connecticut,*     

3,948 
4,271 
901 

6.07 
3.66 
4.00 

3.20 

District  of  Columbia,3 
Florida,*     

14,981 
1,067 

3.73 

2.88 

Georgia,4     
Indiana,*    

5,543 
5,584 

5.8 
6.5 

4.00 

Kansas,*     
Kentucky,*         
Louisiana,5  

906 
674 
11,664 
5,157 

7.00 
4.00 
4.00 
6.00 

5.40 

Maryland,*          
Massachusetts,  f  
Michigan,    .... 
Minnesota,*         .... 
Missouri,0    
Nebraska,*          .... 
New  Hampshire,        .... 
New  Jersey,*     
New  York,7        ..... 

10,623 
31,432 
231 
4,028 
10,201 
449 
2,926 
1,396 
8,302 

4.67 
5.00 
7.00 
4.50 
5.71 
8.00 
5.70 
6.00 
5.66 

3.00 
3.80 

3.18 

3.00 
2.52 

North  Carolina,8        .... 
Ohio,9  
Veunsylvania,*   ..... 
Rhode  Island  
'iouth  Carolina,10        .... 
Tennessee,11       
Texas,*       

6,604 
1,318 
17,085 
1,367 
5,277 
10,353 
4,018 

4.88 
3.73 
4.70 
6.00 
6.00 
3.00 
6.02 

4.20 

2.69 
4.28 
4.50 

Virginia,     

31  415 

5.03 

7.57 

*  No  quotations.          f  Massachusetts  has  a  sinking  fund  of  $23,000,000. 

I  In  default.  2  None  in  market. 

3  The  3.65a  of  1924  and  funding  5s  of  1899  only  quoted.  Total  debt, 
$18,164,550. 

«  The  7s  of  1890  and  4'jS  of  1915  only  quoted.    Total  debt,  $8,695,500. 
B  The  stamped  4s  of  1914  only  quoted.    Total  debt,  $1:'>,100,000. 
0  The  (is,  due  on  average  in  1890,  only  quoted.     Total  debt,  $11,551,000. 
7  The  6s,  due  on  average  in  1890,  only  quoted.    Total  debt,  $9,202,000. 
'  The  new  Gs,  due   1919,  and   new  4s,  due   1909,  only  quoted.    Total    debt, 
$12,627,0!;-). 

"Basis  is  on  outstanding  bonds  not  to  be  redeemed  thia  year. 
">  The  "  Brown  Consols,"  due  1893,  only  quoted.    Total  debt,  $6,522,111;  hal- 
ancc  to  be  funded  into  brown  consols. 
11  Settlement  3s  of  1913  only.     Total  debt,  $12,500,000. 

0  The  State  of  Maryland  held  $4,518,799  in  interest-paying  securities  of  cor- 
porations, besides  $27,723.287  in  unproductive  securities. 

7  Massachusetts  held  $20,2->7,498  in  sinking  fund. 

*  Of  Minnesota's  debt,  §2,849,000  is  held  as  permanent  investment  by  school 
funds. 

9  Mississippi's  debt  was  due  the  school  fund  to  the  amount  of  $2,404,560,  on 
Which  interest  only  is  payable,  leaving  net  debt,  less  cash  in  treasury,  $331,725. 

10  New  York  held  in  sinking  fund,  October  1,  ISSfi,  $5,051,073. 

II  Pennsylvania  held   $2,077,074  in   sinking   fund;    iilso   in   stocks  of  incor- 
porated companies,  interest-paying,  $7,300,000;  net  debt,  $10,341,709. 

11  Debt  forbidden  by  Constitution. 


32 


MAVERICK   NATIONAL   BANK. 


NET  DEBTS,  POPULATION,  AND  DEBT  PER  CAPITA  OF  FORTY 
LEADING  CITIES  OF  THE  UNITED  STATES,  JAN.  1,  1887, 
ACCORDING  TO  LATEST  STATEMENTS. 


CITIES. 

Population. 

Net  Debt. 

Net  Debt 
per  Capita. 

[000  omitted.] 

100 

$3,024 

$30 

100 

1,321 

13 

Atlanta  

60 

2,223 

87 

460 

36,733 

79 

400 

25,600 

64 

Brooklyn,     .                

710 

33,624 

47 

Buffalo  

225 

8,050 

35 

60 

4,000 

67 

703 

12,592 

18 

Cincinnati  

300 

24,468 

82 

Cleveland,     

200 

6,500 

32 

Columbus  

74 

1,920 

26 

Detroit,         

175 

1,907 

11 

Indianapolis,        ...... 

105 

1,405 

13 

Jersey  City  

155 

16,000 

103 

Kansas  City  

125 

851 

7 

Lowell,          

70 

2,451 

35 

Louisville,     

140 

9,356 

67 

Milwaukee,  .                

170 

2,966 

17 

160 

2,231 

14 

Nashville  

65 

2,100 

32 

160 

11,750 

73 

76 

844 

11 

New  Orleans,       ...... 

240 

18,491 

77 

New  York  City  

1,400 

84,835 

61 

Paterson  

70 

1,100 

18 

Philadelphia  

1,000 

62,068 

62 

200 

11,800 

59 

Providence,  

120 

7,834 

66 

Richmond,    

00 

6,073 

66 

Rochester  

100 

6,516 

65 

Ban  Francisco,     

300 

1,457 

6 

St.  Joseph,   

60 

2,000 

33 

St.  Louis  

450 

22,000 

49 

St.  Paul,        ...                 ... 

140 

4,030 

29 

Syracuse,      

67 

1,165 

17 

Toledo,          

80 

3,228 

40 

Troy  

60 

762 

13 

Washington,*       

210 

21,162 

11 

Worcester,    

70 

2,188 

81 

Population  and  debt  of  the  District  of  Columbia. 


MAVERICK  NATIONAL   BANK. 


33 


AVERAGE  RATES  OF  INTEREST  PAID  AND  CREDITS  OF 
LEADING  CITIES  OF  THE  UNITED  STATES. 


CITIES. 


Average  Kate 
Paid. 


Credit. 

Bate  Realized 
by  Investor. 


Atlanta,  Ga., 6.70 

Augusta,  Ga 6.60 

Baltimore 6.70 

Boston, 4.61 

Brooklyn ....  5.46 

Chicago 5.90 

Cincinnati, 6.53 

Cleveland 5.60 

Columbus,  Ga., 5.14 

Detroit 5.70 

Indianapolis, 6.84 

Louisville, 6.03 

Lynchburg,  Va., 6.39 

Minneapolis, 5.38 

Mobile 4.50 

New  York, 5.68 

Norfolk,  Va 6.25 

Omaha, 

Petersburg,  Va., 7.35 

Richmond,  Va., 6.05 

Savannah 5.00 

St.  Louis 6.00 

St.  Paul 5.41 

Wilmington,  N.  0 6.73 


4.88 
5.00 
3.25 
3.50 
8.00 
3.65 
4.13 
3.75 
5.00 
3.50 
4.00 
4.25 
4.90 
4.25 
6.88 
2.75 
5.00 
4.50 
5.25 
4.38 
6.00 
3.50 
4.25 
5.50 


The  cities  of  Massachusetts,  outside  of  Boston,  have 
credits  ranging  from  3.50  to  3.75  per  cent. 


34 


MAVERICK   NATIONAL    BANK. 


GUOWTII   OF  AMERICAN  CITIES  OF    FIFTY  THOUSAND 
POPULATION,  1790  to  1887. 

[000  omitted,  1840  to  1887.] 


CITIES. 

1790 

1800 

1810 

1820 

1830 

1840 

1850 

1860 

1870 

1880 

1887» 

Albany,    . 

3,498 

5,349 

9,356 

12,630 

24,238 

33 

50 

62 

69 

90 

100 

Allegheny, 

- 

- 

- 

- 

— 

_ 

21 

28 

53 

78 

100 

Baltimore, 

13,503 

26,614 

46,555 

62,738 

80,625 

134 

169 

212 

267 

332 

460 

Boston,     . 

18,038 

24,027 

32,250 

43,298 

61,392 

93 

138 

177 

250 

369 

412 

Brooklyn, 

1,603 

3,298 

4,402 

7,175 

12,042 

36 

90 

266 

396 

566 

710 

Buffalo,    . 

- 

- 

1,508 

2,095 

8,(V>3 

18 

42 

81 

117 

155 

225 

Cambridge, 

2,115 

2,453 

2,323 

3,295 

6,078 

8 

15 

26 

39 

52 

_ 

Chicago,  . 

— 

— 

- 

— 

- 

4 

29 

109 

298 

503 

703 

Cincinnati, 

- 

750 

2,540 

9,644 

24,831 

46 

115 

161 

216 

255 

800 

Cleveland, 

— 

- 

547 

606 

1,076 

6 

17 

43 

92 

160 

200 

ColumbtiH, 

— 

- 

— 

1,450 

2,437 

6 

17 

18 

31 

51 

75 

Detroit,    . 

— 

- 

770 

1,422 

2,222 

9 

21 

45 

79 

116 

175 

Indianapolis, 

- 

- 

- 

- 

1,924 

2 

8 

18 

48 

75 

105 

Jersey  City, 

- 

- 

- 

- 

- 

3 

6 

29 

82 

120 

155 

Kaunas  City, 

- 

— 

- 

- 

- 

- 

- 

4 

32 

55 

125 

Louisville, 

200 

359 

1,357 

4,012 

10,352 

21 

43 

68 

100 

123 

140 

Lowell,     . 

- 

- 

- 

- 

6,474 

20 

33 

36 

40 

59 

70 

Milwaukee, 

- 

- 

- 

- 

- 

1 

20 

45 

71 

115 

170 

Newark,  . 

- 

_ 

_ 

6,507 

10,953 

17 

38 

71 

105 

136 

1GO 

iVcw  Haven, 

- 

4,049 

5,772 

7,147 

10,180 

14 

20 

39 

50 

62 

76 

New  Orleans, 

5,500 

8,600  17,242 

27,176 

4f,,310 

102 

116 

168 

101 

216 

240 

Now  York, 

33,131 

60,489  96,373  123,706 

203,007 

312 

515 

805 

942 

1,206 

1,400 

Patcrson, 

- 

-           - 

-. 

- 

7 

11 

19 

33 

61 

70 

Philadelphia, 

42,520 

70,287  96,604  108,116 

167,188 

258 

:i40 

562 

674 

847 

1,000 

I'ittflhurjr, 

- 

1,565    4,7nS 

7,248 

12,542 

21 

40 

49 

86 

156 

200 

1'rovideuce, 

6,380 

7,614  10,071 

11,767 

16,832 

23 

41 

50 

63 

104 

120 

Richmond, 

3,761 

5,537 

9,735 

12,04« 

16,060 

20 

27 

37 

51 

64 

90 

Rochester, 

- 

- 

- 

1,502 

9,2t59 

20 

36 

48 

62 

89 

100 

St.  Louie, 

- 

— 

1,600 

4,598 

5,852 

16 

77 

160 

310 

350 

450 

San  KrancUco 

_ 

- 

- 

_ 

- 

- 

34 

56 

149 

233 

300 

Syracuse, 

- 

- 

- 

1,814 

6,929 

11 

22 

28 

43 

51 

67 

Toledo,    . 

- 

- 

- 

- 

- 

1 

3 

13 

31 

50 

80 

Troy, 

- 

- 

4,926 

5,264 

11,605 

19 

28 

39 

40 

66 

60 

Washington, 

- 

3,210 

8,208 

13,247 

18,827 

23 

40 

61 

109 

147 

210 

Worcester, 

; 

2,095 

2,577 

2,962 

4,172 

7 

17 

24 

41 

58 

70 

In  1830,  only  six  and  one-half  per  cent,  of  the  popula- 
tion lived  in  towns  of  eight  thousand  inhabitants  and 
upwards  ;  in  1880  the  proportion  had  risen  to  twenty-two 
per  cent. 

*  Estimated. 


MAVERICK   NATIONAL   BANK. 


35 


FOREIGN  MUNICIPAL  INDEBTEDNESS. 
Mulhall  gives  the  following  figures  illustrating  the  pub- 
lic indebtedness  of  fourteen  European  cities,  in  millions 
of  pounds : — 


CITIES. 

Debt 

(Millions  £). 

Per 

Inhabitant. 

Valuation 
(Millions  £). 

Debt  to 
Valuation. 

London,       .... 

20.6 

£570 

689 

3.0 

Paris  

85.3 

34    5    0 

320 

26.7 

Berlin,  

5.6 

530 

164 

3.5 

Liverpool,    .... 

21.6 

39  12    0 

66 

32.5 

Manchester, 

6.2 

10  18    0 

62 

10.0 

Birmingham, 

6.1 

15    0    0 

28 

21.8 

3.5 

11    7    0 

22 

15.8 

Rome  

2.3 

7  16    0 

14 

16.0 

Buda-Pesth, 

1.3 

450 

44 

2.9 

Bradford  

3.4 

19    0    0 

18 

18.9 

1.3 

560 

_ 

Bristol  

0.6 

2  18    0 

16 

3.8 

1.5 

600 

15 

10.0 

Newcastle,  .... 

0.7 

4  17    0 

14 

5.0 

The  cities  of  Great  Britain  in  1885  owed  a  total  debt 
of  £153,000,000  ($765,000,000),  while  the  American 
cities,  though  possessing  a  greater  aggregate  population 
and  wealth,  owed  but  $75,000,000  (£15,000,000).  The 
total  State  and  municipal  debts  of  the  United  States 
only  aggregate  $865,000,000  (£173,000,000). 


CHAPTER    IV. 


WATER-WORKS   BONDS. 


Their  Security  as  Investments. —  The  Uistory  of  Water  Supply  for  Cities.— 
Conduit  Data.  —  Comparisons  of  Large  Gravitation  Works.  —  London'! 
Water  Supply.  — Ilistory  of  American  Water- Works.  —  Cost,  Expenses, 
and  Revenue  —  Financial  Statistics  of  Leading  Water-Works. 

As  water-works  bonds  are  rapidly  growing  in  favor 
with  conservative  investors,  the  Maverick  National  Bank 
has  made  a  specialty  of  these  securities,  and  would  be 
pleased  at  any  time  to  hear  from  parties  wishing  to  learn 
of  desirable  investments,  or  from  cities  or  towns  contem- 
plating water-works  enterprises.  This  bank  has  placed 
many  loans  of  water  companies,  and  has  yet  to  learn  of 
a  dissatisfied  investor. 

Mortgage  bonds  of  this  class  net  the  investor  from  four 
to  eight  per  cent. ,  with  probably  less  of  risk  or  doubt  than 
any  other  securities.  In  the  first  place,  water-company 
bonds  are  a  mortgage  upon  productive  property,  of  which 
the  productiveness  is  constantly  increasing.  The  first 
distribution  of  water  is  to  the  heart  of  the  city,  but 
extensions  are  made  until  a  large  territory  is  supplied. 
Thus  in  a  few  years  the  first  outlay  has  often  been 
doubled,  and  the  bondholders'  security  correspondingly 
increased,  as  the  mortgage  always  covers  all  property 
owned  and  all  that  may  be  acquired.  A  sinking  fund 
reduces  the  bonded  debt,  which  steadily  diminishes  as  the 
value  of  the  security  increases. 

Again,  the  property  of  a  water  company  is  not  subject 


MAVEEICK  NATIONAL   BANK.  37 

to  fire  risk,  but  the  fire  risk  upon  other  property  gives  it 
additional  value.  Usually  the  company  has  a  supply 
contract  for  the  fire  department,  the  proceeds  of  which, 
known  as  "hydrant  rental,"  often  guarantee  the  major 
part  of  the  bond  interest. 

The  system  of  advance  payments  effectually  shuts  out 
bad  debts,  which  have  crippled  so  many  corporations 
engaged  in  manufacturing  or  mercantile  pursuits.  Col- 
lections are  made  without  cost  to  the  company,  by 
requiring  all  customers  to  pay  promptly  at  the  office. 

Fluctuations  and  depressions  in  prices  or  profits  are 
unknown  to  water  companies.  They  furnish  a  universal 
necessity  at  fixed  rates  lower  than  customers  can  obtain 
it  by  any  other  method.  General  business  may  flag,  but 
neither  rich  nor  poor  can  ever  economize  on  water  ;  there 
is  no  substitute  for  it.  Many  of  the  water  companies  of 
the  United  States  have  freed  themselves  entirely  from 
debt. 

Competition  is  not  a  factor  in  the  calculations  of  com- 
panies organized  to  construct  water- works.  No  city  has 
two  water  companies  attempting  to  cover  the  same  terri- 
tory, though  a  few  cities  have  had  different  sections 
supplied  by  different  companies.  The  legislative  charter 
granted  to  water  companies  usually  secures  to  them  the 
exclusive  privilege  of  supplying  water,  for  a  period  of 
from  twenty-five  to  fifty  years,  in  order  to  encourage  an 
outlay  of  capital  in  a  manner  so  beneficial  to  any  town  or 
city.  Furthermore,  the  community  would  not  submit  to 
have  the  streets  torn  up  continually  for  the  purpose  of 
keeping  two  systems  of  pipe  in  repair. 

Should  a  municipality  seek  to  compromise  its  funded 
debt,  it  cannot  avoid  paying  its  water  obligations,  as  the 
company  has  a  legal  right  to  shut  off  the  supply.  If  this 
extreme  measure  were  resorted  to,  rates  of  insurance 
would  be  raised  correspondingly  to  meet  the  increased 


38  MAVERICK  NATIONAL   BANK. 

risk ;  and  in  this  case  public  opinion  would  compel  the 
public  officers  to  settle  speedily  with  the  water  company. 

In  the  whole  history  of  water-works  there  have  been 
but  three  instances  of  foreclosure  of  first-mortgage  bonds, 
and  in  these  cases  no  loss  was  sustained  by  the  holders. 
City  governments  have  often  defaulted,  repudiated,  or 
compromised  without  affecting  the  value  of  the  bonds  of 
the  water  companies  supplying  those  cities.  The  city 
of  Elizabeth,  N.  J.,  has  been  in  default  for  a  number  of 
years,  but  the  water  company  has  paid  seven  per  cent, 
interest  on  $400,000  of  bonds  since  1854.  The  works 
originally  cost  $1,000,000,  yet  the  former  amount  is  their 
only  funded  indebtedness.  It  is  evident  that  no  other 
class  of  securities  can  show  such  a  record  of  immunity 
from  risk. 

In  conclusion,  it  only  remains  to  be  said  that  the 
security  of  a  water-company  bond  is  at  its  minimum  when 
issued,  and  is  augmented  yearly  by  the  inevitable  growth  of 
the  plant  and  the  consequent  increase  in  net  earnings. 
Hence,  if  the  security  is  sufficient  to  justify  a  purchase 
at  the  time  of  issue,  that  security  will  surely  be  added 
to  every  year  during  the  life  of  the  bond.  For  example, 
Denver  (Col.)  Water  Company  bonds,  issued  at  par  and 
interest,  arc  now  $1.30  and  interest,  with  none  for  sale; 
Austin  (Tex.)  Water  Company,  sold  at  par  and  interest 
in  1877,  have  reached  a  premium  of  $1.3")  for  firsts  and 
$1.1  (H  for  seconds;  New  Albany  (Ind.)  water  bonds, 
floated  at  par,  sell  at  $1.20  ;  and  those  of  the  Fair  Haven 
(New  Haven,  Conn.)  Water  Company,  sold  at  par,  are 
worth  $1.20.  Without  exception,  so  far  as  is  known,  the 
old  issues  of  bonds  of  water  companies  in  all  parts  of  the 
United  States  are  held  at  large  premiums.  They  have 
been  purchased  to  the  extent  of  over  $1,000,000  by  a 
leading  insurance  company  of  Philadelphia.  A  Massa- 
chusetts company  also  holds  about  $000,000  ;  and  they 


MAVERICK   NATIONAL   BANK.  39 

are  being  bought  in  large  amounts  by  national,  state,  and 
savings  banks,  institutions,  and  investors  throughout  the 
Union. 

The  difference  between  bonds  of  water  companies  and 
municipal  water  loans  will  readily  be  seen.  The  works 
are  managed  more  effectively  and  profitably ;  the  citizen 
is  relieved  of  taxation ;  and  the  bondholder  has  a  direct 
lien  upon  the  entire  property,  whereas  if  it  were  conducted 
by  the  city  he  would  have  little  preference  over  other 
creditors.  His  security  is  ever  increasing,  special,  full, 
and  absolute. 

EARLY  HISTORY  OK  WATEU  SUPPLY. 
During  the  first  ccutury  of  our  era  the  water  supply  of 
aucieut  Rome  was  so  abundant  "  that  whole  rivers  of 
water  flowed  through  the  streets."  It  has  beeu  estimated 
at  375,000,000  gallons  per  day,  or  375  gallons  for  each 
inhabitant,  and  was  conducted  through  nine  costly  con- 
duits of  masonry,  in  whose  construction  wonderful 
engineering  skill  was  shown.  Their  aggregate  length 
was  249  miles.  The  principal  aqueducts  were  the  Aqua 
Martia,  erected  431  B.  C.,  38  miles  in  length,  and  partly 
composed  of  7,000  arches  ;  the  Aqua  Claudia,  a  subter- 
ranean channel  for  36£  miles,  for  lOf  miles  a  surface 
conduit,  3  miles  a  vaulted  tunnel,  and  7  miles  on  lofty 
arcades,  with  a  capacity  of  90,000,000  gallons  daily  ;  and 
the  Nova  Anio,  which  was  43  miles  in  length.  Some  of 
these  aqueducts  rose  in  three  distinct  arches,  which  con- 
veyed water  from  sources  of  different  elevations.  In 
Constantinople,  the  capital  of  the  Eastern  Empire,  the 
Romans  left  numerous  subterraneous  reservoirs  covered 
with  stone  arcades  resting  on  pillars.  In  France,  also, 
the  famous  Pont  du  Gard  aqueduct,  which  supplied  the 
town  of  Nismes,  is  still  an  object  of  interest.  It  consists 
of  3  tiers  of  arches,  the  lowest  of  6,  supporting  11  of 


40  MAVERICK   NATIONAL   BANK. 

equal  span  in  the  central  tier,  surmounted  by  35  of 
smaller  size.  Its  height  is  180  feet,  with  a  channel  5 
feet  high  by  10  wide ;  the  capacity  was  estimated  at 
14,000,000  gallons  per  day. 

India  is  noted  for  numerous  ancient  impounding 
reservoirs  of  vast  dimensions.  The  Poniary  reservoir 
has  an  area  of  50,000  acres  and  banks  50  miles  in  extent. 
In  Mexico  and  Peru  the  aborigines  left  water  channels 
of  wonderful  length.  The  great  aqueduct  of  Peru,  built 
by  the  Incas,  was  360  miles  long. 

The  works  of  the  Romans  left  nothing  to  be  improved 
upon  in  the  method  of  transporting  water  from  a  distance 
until  recent  times ;  but  in  the  early  part  of  this  century 
it  was  found  that  by  sinking  artesian  wells  a  supply 
could  be  obtained  more  economically. 

ARTESIAN  WELLS. 

The  famous  well  at  Crenelle,  France,  was  begun  by 
the  government  in  1834,  and  after  repeated  failures  water 
was  reached  at  the  depth  of  1,798  feet  in  1843.  Its  bore 
is  3 £  inches ;  capacity,  GOO  gallons  per  minute  ;  height 
of  flow,  128  feet;  temperature,  82  degrees.  It  cost 
.'300,000  francs.  The  Passy  well  near  Paris  is  in  the 
same  stratum,  1,923  feet  deep,  with  a  capacity  of 
5,582,000  gallons  per  day.  Paris  has  two  other  wells, 
both  started  in  18GG,  the  La  Chapelle  and  the  Butte  aux 
Caelles.  The  Kent  Water- Works  of  London  is  supplied 
by  wells  in  the  chalk  formation,  yielding  9,000,000 
gallons  daily.  Liverpool  has  four  wells,  with  a  combined 
daily  capacity  of  G, 000, 000  gallons  ;  and  Birmingham  has 
four  wells,  supplying  8,000,000  gallons  per  day.  The 
Desert  of  Sahara  has  a  number  of  bored  wells,  some 
yielding  as  high  as  1,500,000  gallons  per  day. 

In  this  country,  St.  Louis  has  a  well  3,147  feet  deep. 
Louisville  has  a  three-inch  well  2,086  feet  deep,  with  a 


MAVERICK  NATIONAL   BANK.  41 

capactiy  of  600  gallons  per  minute.  Charleston  has  two, 
—  one,  1,250  feet  deep,  discharging  25,000  gallons  daily  ; 
and  another,  1,970  feet  deep,  of  which  data  are  not  given. 
The  State  of  Ohio  has  repeatedly  failed  in  the  attempt  to 
supply  Columbus  in  this  way.  Dubuque  is  supplied  by  a 
spring  accidentally  struck  in  tunnelling  a  neighboring 
drift.  Cincinnati  has  nine  wells,  sunk  by  private  enter- 
prise. The  deepest  well  in  the  world  is  near  Berlin, 
4,194  feet  deep,  without  reaching  the  salt  formation. 
The  Chinese  practised  well-boring  two  thousand  years 
ago,  the  method  being  the  percussive  action  of  a  tool 
suspended  by  a  flexible  rope. 

MODERN  WATER  SUPPLY. 

Aqueducts  are  now  universally  superseded  by  the  plan 
of  subterranean  pipes  as  adopted  by  Hawksley  at  Liver- 
pool and  Batoman  at  Glasgow.  The  last  one  built  on  the 
Roman  plan  is  the  Marseilles  conduit,  whose  engineer 
imitated  the  Pont  du  Card,  at  a  cost  of  three  times  that 
of  a  system  of  inverted  syphon  pipes.  The  Glasgow 
system  has  13  miles  in  tunnels,  3J  miles  iron  piping  across 
valleys  and  9  miles  of  open  cutting  and  bridges.  The 
Aberdeen  works  has  a  36-inch  syphon,  1,200  feet  long, 
across  Cullen  Burn,  supported  by  granite  piers.  One  of 
the  syphons  for  supplying  Madrid  crosses  a  valley  4,560 
feet  in  length,  and  consists  of  four  lines  of  cast-iron  pipes 
3  feet  in  diameter.  Dublin  is  supplied  through  30,336 
yards  of  33-inch  and  8,272  yards  of  two  lines  of  27-inch 
cast-iron  pipes,  with  three  relief  tanks  and  an  average 
fall  of  20  feet  per  mile  ;  capacity,  20,000,000  gallons  per 
day. 

The  following  tables,  compiled  from  the  best  authori- 
ties, give  details  in  regard  to  the  construction  and  princi- 
pal physical  features  of  the  most  important  conduits  and 
gravitation  works  of  Europe  and  the  United  States  :  — 


42 


MAVEIiICK    NATIONAL    BANK. 


CONDUIT  DATA. 


LOCALITIKS. 

Width 
in 
Feet. 

Height 
In 
Kcet. 

Depth  of 
Water 
In  Feet. 

Daily  deliv- 
ery at  given 
Depth,  U.  8. 
Gallons. 

Tctnl  Dally 
Capacity, 
0.  8. 
Gallons. 

Cochltuate,  Boston, 
Croton,  N.  Y  

5. 
7.47 

0.333 
8.458 

6.3.13 
6.08:! 

16,393,000 
£9,340,000 

16.500.00" 
100,000,000 

Washington,  . 
Brooklyn, 
Hndbury,  Boston,. 

9. 
10. 
9. 
9. 

9. 
8.667 
7.607 
p. 

3.405 
5. 
5.3 

27,560,000 

100,000,000 
70,000,000 
70,000,000 
170  000  000 

Loch  Katrine,  Glasgow, 
Canal  of  Isabel  III.,  Madrid 
Vanne,  Paris,        .        . 
Dhues,    .... 
Pont  du  Gard,  Ni«mcs, 
Pont  Pyla,  Lyons, 
Metz,      ..... 

8. 
7.0W 
6.6 
•2.3 
4. 
1.833 
3.167 

8. 
0.184 
6.6 
3.5 

6.85 
5. 

3.333 

1.83.'i 
2.167 

60,000,000 

60,000,000 
62,000,000 
23,500,001) 
6,500.000 
14,000,000 

COMPARISON  OF  LARGK  GRAVITATION  WORKS. 


Dis- 

HolBhtof 

LOCALITIES. 

tance 
of 
Source 

No. 
Acres  of 
Water- 

Capacity of 
Storage  In 

Source 
ahovi! 
City 

Capacity 
of  Aque- 
duct, in 

Popula- 
tion. 

in 

shed. 

Level, 

Gallons. 

Miles. 

in  Feet. 

Millions. 

New  York,  . 

40 

21M44 

9  billions. 

160 

92 

l,400,flOO 

Boston, 

16 

100,000 

- 

134 

80 

412,000 

Baltimore, 

7 

_ 

76.")  millions. 

163 

170 

332,190 

Liverpool, 

- 

10,000 

4  billions. 

- 

17 

800,000 

Manchester, 

18 

19,390 

6        " 

790 

39 

750,000 

Glasgow,    . 

253^ 

47,800 

12 

- 

50 

650.000 

Dublin,       . 

21.6 

14,080 

2l£     " 

092 

20 

330,000 

IxMidon  is  supplied  by  eight  water  companies,  which, 
however,  are  not  in  competition,  each  covering  its  allotted 
section  of  the  city.  The  total  statistics  were,  in  July, 
1875:  Population,  ;5,7l;5,H)8  ;  miles  of  pipe,  .'3,074; 
daily  average  consumption  from  Thames,  01,791,000 
gallons  ;  other  sources,  f>7, 028,000  gallons  ;  total  daily, 
122,319,000  gallons.  The  total  capital  invested  is  about 
$51,900,000. 


MAVERICK   NATIONAL   BANK.  43 

HISTORY  OF  AMERICAN  WATER- WORKS. 

It  is  believed  that  the  first  public  water-works  in  the 
United  States  were  built  at  Bethlehem,  Pa.,  in  1754. 
Between  that  date  and  1801  only  ten  towns  erected  water- 
works. Among  these  were  New  York  and  Providence. 
New  York  was  supplied  in  1799,  and  Philadelphia  in  1801  ; 
the  water  in  both  cases  being  pumped  by  steam,  and  dis- 
tributed through  bored  wooden  logs. 

At  present,  according  to  the  Engineering  News'  statis- 
tical tables,  there  are  known  to  be  1,402  water-works  in 
operation,  or  nearly  complete,  and  a  large  number  of  pro- 
jected works  are  reported  as  likely  to  be  soon  built. 

The  increase  of  works  for  water  supply  has  not  been 
regular,  as  will  be  seen  from  the  following  statement  of 
works  erected  in  each  decade  since  the  beginning  of  the 
present  century  :  — 

1801-1810 13 

1811-1820,    5 

1821-1830 14 

1831-1840,    .       13 

1841-1850 26 

1851-1860, 52 

1861-1870, 79 

1871-1880, 354 

1881-1886 623 

In  addition  to  these  there  are  212  works  the  date  of 
construction  of  which  has  not  been  ascertained. 

Of  the  1,402  towns  supplied,  seven  have  duplicate 
works.  The  supply  in  544  towns  is  controlled  by  the 
public  authorities  and  G75  by  private  corporations,  the 
ownership  of  183  works  being  unknown  in  consequence 
of  the  managers'  neglect  to  reply  to  inquiries. 

As  regards  the  mode  of  supply,  the  water  is  furnished 
to  421  towns  by  gravity,  to  553  by  pumping  into  reser- 
voirs, tanks,  or  stand-pipes,  and  to  260  by  pumping 
directly  into  the  mains  without  the  intervention  of  any 


44  MAVERICK    NATIONAL    BANK. 


Apparatus  for  equalizing  the  flow  or  the  pressure.  From 
1G8  towns  no  data  could  be  obtained. 

New  York  was  supplied  with  Croton  water  in  1842  by 
a  brick  aqueduct,  -58  milos  long,  crossing  IJarlem  River 
by  High  Bridge.  The  watershed  of  the  Croton  has  an 
area  of  338.82  square  miles.  The  storage  capacity  is 
9,000,000,000  gallons,  and  the  capacity  of  the  aqueduct 
92,000,000  gallons  daily.  There  sire  three  distributing 
reservoirs  with  an  aggregate  capacity  of  1,374,000,000 
gallons,  and  one  of  10,7f>0, 000  gallons  for  high  service. 
Average  daily  consumption,  ',>.">, 000, 000  gallons  ;  number 
of  taps,  77,000.  All  buildings  arc  assessed  by  frontage 
tax  beside  usual  water  rates,  which  are  1\  cents  per  1,000 
gallons. 

Philadelphia  is  supplied  by  water  and  steam  power 
pumping.  The  available  capacity  is  about  100,000,000 
gallons  daily.  Capacity  of  the  pumps,  72,000,000  gallons. 
There  are  10  reservoirs,  aggregating  200,000,000  gallons 
storage  capacity.  Miles  of  pipe,  74f>.  Daily  average 
consumption,  f>s,000.000  gallons;  largest,  -SO, 500,000 
gallons.  Total  receipts,  1880,  nearly  81  ,500.000 ;  ex- 
penditures, about  §100,000.  Laying  of  water  pipes  is 
assessed  on  abutting  property.  Total  profits,  18")")  to 
1880,  over  812,000,000. 

The  Brooklyn  system  is  pumping,  with  reservoir  dis- 
tribution, water  being  gathered  from  a  drainage  area  of 
OOj  square  miles  on  the  southern  slope  of  Long  Island  by 
intercepting  ponds  and  conducted  through  masonry  con- 
duit to  the  pump  well,  7  miles  from  Kust  Hiver.  The 
storage  reservoir  has  a  capacity  of  1,000,000,000  gallons. 
The  daily  water  supply  is  about  1 1,000,000  gallons  ;  miles 
of  pipe,  351  ;  average  daily  consumption,  30,750,000 
gallons;  taps,  GO, 000  ;  meters,  859. 

Chicago  in  supplied  from  Lake  Michigan  by  a  system  of 


MAVERICK  NATIONAL  BANK.  45 

cribs,  and  constant  pumping  through  stand-pipes.  There 
are  450  miles  of  pipe.  The  average  daily  consumption  is 
about  58,000,000  gallons.  The  city  has  now  outgrown 
the  old  system,  and  vigorous  measures  are  being  taken  to 
increase  the  water  supply. 

Boston  has  three  sources  of  supply,  —  a  brick  conduit 
from  Lake  Cochituate,  14.0  miles  in  length;  a  second  of 
masonry,  16  miles  long,  from  the  Slid  bury  River  ;  and  the 
Mystic  River  system,  which  is  separate.  The  first  two 
have  reservoirs  with  a  total  capacity  of  092,000,000 
gallons,  and  can  give  a  daily  supply  of  70,000,000 
gallons.  The  miles  of  pipe  are  500  ;  the  average  daily 
consumption,  30,000,000  gallons ;  and  the  number  of 
water  takers,  08,334. 

The  New  England  States  have  275  water- works,  or  one 
to  every  240  square  miles  ;  the  Middle  States  about  400, 
or  one  to  every  288  square  miles  ;  in  the  South,  the  pro- 
portion is  relatively  much  less,  owing  to  sparse  population. 
Massachusetts  alone  has  128  systems  ;  and  Rhode  Island, 
with  but  little  over  1,000  square  miles  of  territory  and 
300,000  population,  has  15.  In  the  United  States  there 
are  about  1,500  water-work  systems,  and  over  100  new 
ones  are  projected,  many  in  the  South  and  West.  Within 
fifteen  years  over  1,000  have  been  built,  and  since  1880 
the  increase  has  been  023.  The  total  capital  invested  is 
estimated  at  $300,000,000. 

COST,  EXPENSE,  AND  REVENUE  OP  WATEK-WOKKS. 

The  cost  of  constructing  water- works  varies  greatly, 
according  to  local  features,  etc.  In  Great  Britain  gravi- 
tation projects  cost  from  $10  to  $13,  and  pumping 
schemes  from  $7  to  $10  per  inhabitant. 


46 


MAVERICK    NATIONAL    BANK. 


The  following  table  shows  the  average  cost  per  head 
for  eight  British  cities  :  — 


London, 
Bradford, 
Halifax  ( 
Dundee, 


$20 
35 
25 
30 


Liverpool, 
Glasgow, 
ManchcHter, 
Sheffield, 


$20 
30 
12 
12 


The  average  cost  per  head  for  a  supply  of  20  imperial 
gallons  per  day  for  0(5  towns  by  gravitation  was  88  ;  for 
48  towns,  with  pumping  system,  §5.80  ;  1 1  towns,  both 
systems,  $7. 

This  table  shows  the  comparative  cost  per  head  of  con- 
struction of  works  in  seventeen  American  cities  :  — 


TOWN. 

System. 

Cost  por 
Capita. 

TOWN. 

System. 

Cost  per 
Capita. 

Detroit, 

$23  11 

$16  84 

Newark, 

19  OS 

Providence, 

52  74 

Wilmington,  Del., 

20  73 

Boston, 

Gravity, 

44  46 

Buffalo, 

IS  19 

Hartford,     . 

Gravity, 

35  60 

Cincinnati,     . 

•JO  -20 

New  York,  . 

Gravity, 

34  38 

19  25 

26  07 

IS  14 

Ohic;i"Ot 

17  49 

25  14 

The  following  table  shows  the  receipts  per  mile  of  pipe 
per  annum  of  the  leading  water  companies  of  the  United 
States,  cost  of  maintenance,  and  comparative  rates  :  — 


MAVERICK    NATIONAL    BANK. 


47 


ClTT. 

Receipts 
per  Mile. 

Revenue  in 
Cents  per 
1,000  Clals. 

Cost  in 
Cts.;  Main- 
tenance per 
1,000  Gals. 

Kates  per 
1,000  Gals., 
in  cents. 

Chicago,  
New  York,  .... 
Philadelphia  
Boston  

$2,022 
3,200 
1,932 
2,730 
3,307 
1,600 
2,183 
3,112 
2,647 
1,611 
1,821 
2,060 
1,500 
1,746 
1,128 
3,556 
397 
618 

4.12 
4.7 

5.77 

6.91 
7.01 
5.43 
4.09 
3.50 

1.18 
1.00 
1.28 

2.55 
2.6 
1.5 
.82 
1.00 

10 
1Y, 
15 
10  to  40 
15 

13>£ 

10.2 
6  to  12 

20  to  30 
7  to  20 

Louisville,  .... 
Baltimore, 

Cleveland  
Detroit,  
Buffalo  
Milwaukee  
Indianapolis,  .... 

Pittsburg,  .... 
Washington  
Toledo  

The  average  dividend  paid  by  the  water  companies  of 
Great  Britain  for  1880  was  7  per  cent. 


FINANCIAL  STATISTICS. 

The  following  table,  condensed  from  statistics  of  the 
Engineering  Neivs,  gives  financial  details  of  the  principal 
water-works  in  the  United  States  and  Canada  :  — 

UNITED    STATES. 


TOWN  AND  STATE. 

Popula- 
tion. 

When 
Built. 

Cost  of 
Construc- 
tion. 

Debt. 

Rate  of 
Interest. 

New  York,  N.  Y.,    . 

1,500,000 

1842 

$40,000,000 

Philadelphia,  Pa.,     . 

850,000 

1801 

_ 

_ 

_ 

Brooklyn,  N.  Y., 

600,000 

1859 

12,858,000 

_ 

_ 

Chicago,  111., 

525,000 

1840 

10,416.444 

$3,955,000 

4,  6  and  70 

Boston,  Mass.,  . 

412,000 

1S48,  '64,  '78 

19,829,911 

14,056,474 

3J,4£and60 

St.  Louis,  Mo.,  . 

360,000 

1867,  '73,  'S3 

13,000,000 

5,200,000 

60 

Baltimore,  Md., 

350,000 

1804,  1880 

10,738,018 

9,500,000 

4,  5  and  6  * 

San  Francisco,  Cal.,  . 

250,000 

1859 

17,000,000 

5,000,000 

50 

New  Orleans,  La.,     . 

217,000 

1833 

2,397,000 

395,000 

60 

Washington        and 

Georgetown,  D.C., 

160,000 

1853 

8,000,000 

875,000 

30 

Buffalo,  N.  Y.,  . 

160,000 

1852 

4,157,609 

2,828,382 

3,  5  and  7  0 

Cleveland,  Ohio, 

161,000 

1853 

4,569,374 

1,775,000 

3J  to  7  0 

i 

48 


MAVERICK   NATIONAL    BANK. 


FINANCIAL  STATISTICS  —  Concluded. 


TOWK  AND  STATE. 

Popula- 
tion. 

When 
built. 

Cost  of 
Construc- 
tion. 

Debt. 

Katf  of 
Interest. 

Plttsburg,  Pa.,  . 

160,000 

1824,  1876 

_ 

$-1,500,000 

6  and  7  % 

Newark,  N.J.,. 

137,000 

1800 

- 

3,485,000 

_ 

Jersey  City,  N.  J.,    . 

125,000 

1S52 

$4,950,000 

4,838,000 

_ 

Louisville,  Ky., 

12o,ilOO 

1860 

4,759,790 

900,000 

«* 

Detroit,  Mich.,  . 

120,000 

1827,  1875 

3,619,489 

1,451,000 

4,  6  and  7  < 

Milwaukee,  Win.,     . 

120,000 

1873 

2,589,841 

1,505,000 

4  to  1% 

Providence,  It.  I.,     . 

105,000 

1772,  1870 

6,234,072 

5,500,000 

5  and  6% 

Albany,  N.  Y.,  . 

91,000 

1813,  1850 

- 

1,089,000 

4,  6  and  7  % 

Rochester,  N.  Y.,      . 

90,000 

1876 

3,741,123 

3,182,000 

1% 

Indianapolis,  Ind.,    . 

80,000 

1870 

- 

550,000 

6* 

New  Haven,  Conn.,  . 

65,000 

1862 

1,500,000 

125,000 

7* 

Lowell,  M  >--.,  . 

60,000 

1872 

2,388,218 

1,890,000 

6* 

Troy,  N.  Y.,      . 

57,000 

1833,  1880 

1,149,084 

443,500 

4* 

Cambridge,  Mass.,    . 

53,000 

1855 

2,087,378 

1,747,500 

Syracuse,  N'.  Y., 

52,000 

1829 

727,000 

200,600 

6  and  7  < 

Columbus,  ().,   . 

52,000 

1870 

1,086,771 

772,000 

4  and  6  % 

Toledo,  (>., 

51  ,000 

1874 

1  ,250,000 

1,000,000 

8* 

Minneapolis,  Minn.,. 

50,000 

1867 

95;',,  119 

015,000 

4'4'  * 

St.  Paul,  Minn., 

45,000 

1870 

1,600,744 

1,66.'),000 

4,  5  and  8  % 

Hartford,  Conn., 

45,00(1 

1854 

1,623,485 

912,000 

- 

Wilmington,  Del.,    . 

4:',,000 

1804,  1875 

025,000 

585,000 

- 

Lawrence,  Mass., 

40,000 

1873 

1,804,654 

1,300,000 

6* 

Lynn,  Mass., 

40,000 

1869 

1,410,788 

1,107,700 

4  and  0  4 

Denver,  Col., 

40,000 

1872 

600,000 

350,000 

8  and  10  * 

Dayton,  O., 

40,000 

1870 

671,520 

662,000 

4* 

Atlanta,  Ga.,     . 

40,000 

1875 

450,000 

440,000 

7* 

fit.  Joseph,  Mo., 

3.">,000 

1880 

908,000 

400,000 

6* 

Springfield,  Mass.,    . 

35,000 

1843,  1873 

1,306,187 

1,200,000 

6  an.  1  7  •• 

Memphis,  Tcnn., 

34,000 

1S72 

500,000 

100,000 

6* 

Portland,  Me.,  . 

34,000 

1S69 

- 

1,  300,000 

5  and  6  \ 

Grand  Rapids,  Mich., 

33,000 

1875 

485,066 

382,000 

8* 

Savannah,  Ga.,  . 

31,000 

1854 

1,000,000 

None. 

- 

Peoria,  111., 

30,000 

1SG8 

450,0'  10 

450,000 

o* 

Kvansvillo,  Ind., 

30,000 

1870 

500,000 

300,000 

7  3-10  % 

CoviiiKton,  Ky., 

30,000 

1S70 

400,000 

300,000 

1% 

Trenton,  N.  J.,  . 

30,000 

1803,  1852 

422,951 

265,000 

5  and  6  % 

Elizabeth,  X.  J., 

28,500 

1854 

1,000,000 

400,000 

7* 

Erie,  Pa.,   . 

28,000 

1840,  1868 

891,518 

675,000 

7* 

New  Bedford,  Mass., 

27,000 

1S65 

1,217,592 

850,000 

7  to  4* 

Fort  Wayne,  Ind.,    . 

27,000 

1880 

280,000 

260,000 

6* 

Terro  Haute,  Ind.,    . 

27,000 

1873 

345,001) 

100,000 

8* 

Petersburg,  Va., 

22,000 

1856 

150,000 

125,000 

8* 

Poughkeepsie,  N.  Y., 

21,000 

1870 

581,845 

.150,000 

7* 

Springfield,  O.,  . 

21,000 

1883 

419,5'J6 

440,000 

5* 

CANADA. 

Toronto,  Ont.,  . 

87,000 

1841,  1S73 

2,430,000 

2,430,000 

4,  .1  and  6  < 

Quebec, 

63,000 

is;>i 

2,000,(K)0 

1,750,000 

6  and  7  * 

Montreal,    . 

111.000 

1801,  1*56 

6,131,888 

6,0i«),000 

4  and  6* 

Halifax,  N.  S.,  . 

30,200 

184S 

741,0i>0 

741,0"  JO 

5  and  6  jf 

Hamilton,  Out., 

.'irt.OOO 

1859 

1,250,000 

900,000 

6* 

St.  Johns  and    Port- 

land, N.  H.,    . 

32,000 

1838 

999,180 

999.1HO 

4,  5  and  6  % 

Bt.  Johns,  N.  F., 

31,000 

1847,  1862 

412,000 

412,000 

6* 

CHAPTER    V. 


WHAT  ARE  SAVINGS  BANK  SECURITIES? 


Abstract  of  the  Laws  regulating  the  Investment  of  Savings  Bank  Funds. — 
The  Growth  of  Saving*  Hanks. — Savings  Bank  Statistics  of  the  United 
States. 

While  in  England  no  laws  were  passed  affecting  the 
organization  of  savings  banks  until  1817,  in  Boston,  one 
was  incorporated  Dec.  13,  1816,  and  began  business  in 
the  following  spring.  In  1818  this  was  followed  by  the 
incorporation  of  savings  banks  in  Salem,  Mass.,  and 
Baltimore;  and  one  in  Philadelphia  in  1819.  In  the 
latter  year  they  appeared  in  Hartford,  Conn.,  Newport 
and  Providence,  R.  I.,  Bristol,  R.  I.,  and  Portland,  Me. 

SAVINGS  BANKS  STATISTICS. 


Deposits 
at  close 

Deposits 
at  close 

Deposits 
May  31, 

1885-86. 

of  1800. 

of  1870. 

1880. 

. 

[00,000  omitted.] 

Jsumlier  of 
Depositors. 

Amount  of 

Deposits. 

to  each 
Depositor. 

vfiiinc,   . 

$1,5 

$16,6 

$21,6 

109,398 

$35,1 

$320 

"few  Hampshire, 

5,6 

21,5 

28,2 

121,216 

47,2 

3S9 

Vermont, 

1,1 

2,3 

6,9 

49,453 

11,7 

237 

Massachusetts, 

45,0 

135,7 

199,3 

848,787 

275,0 

324 

<hode  Island, 

9,0 

30,7 

39,2 

110,381 

51,8 

445 

Jouuecticut, 

19,3 

55,3 

73,5 

256,097 

92,5 

361 

S'ew  York,   . 

67,4 

230,7 

318,1 

1,208,072 

457,0 

378 

Vew  Jersey, 

*4,5 

20,0 

17,4 

91,681 

25,3 

276 

'ennsylvania, 

*8,0 

*15,0 

30,4 

143,645 

37,5 

261 

Maryland, 

*6,0 

*12,0 

21,7 

*77,212 

30,5 

395 

^V'ashington, 

— 

- 

3 

7,605 

8 

104 

Delaware, 

— 

- 

1,2 

- 

- 

— 

Southern  States, 

— 

- 

1,4 

- 

- 

- 

3hio,     . 

_ 

_ 

9,6 

*34,553 

12,8 

371 

ndiana, 

- 

- 

- 

- 

2,2 

- 

Hinnesota,     . 

- 

- 

- 

14,361 

3,6 

254 

California,     . 

*1,0 

3(5,5 

44,2 

*80,489 

G0.4 

751 

Total,      . 

$168,8 

$576,4 

$813,3 

3,158,950 

$1,143,7 

$361 

*  Estimated. 


50  MAVERICK  NATIONAL  BANK. 

SAVINGS  BANK  SECURITIES. 

The  following  is  a  condensed  statement  of  the  laws  of 
the  New  England  States  and  of  New  York,  defining  the 
classes  of  securities  in  which  savings  banks  may  invest. 

The  limitations  as  to  the  amount  of  funds  or  proportion 
of  deposits  which  may  be  invested  in  any  one  class  of 
securities  are  not  in  all  cases  given.  For  these,  reference 
should  be  had  to  the  savings  bank  laws  of  each  State, 
compilations  of  which  usually  accompany  the  annual 
reports  of  the  savings  bank  commissions. 

New  Hampshire  has  no  restrictive  laws  regarding 
savings  bank  investments. 

Ma-smchusetts  Savings  Banks 
Ma}7  invest  as  follows  :  — 

1.  Not  more  than  seventy  per  cent,  of  deposits  in  first 
mortgages  upon  Massachusetts  real  estate  not  exceeding 
sixty  per  cent,  of  valuation. 

2.  In  public  funds  of  United  States,  any  New  England 
State  or  New  York,  or  bonds  or  notes  of  any  city,  county, 
town,   or  incorporated   district  of   Massachusetts  or  any 
city  of    New  England  whose  net  indebtedness  does  not 
exceed  five  per  cent,  of  valuation  for  taxation  purposes  ; 
or  of  any  county  or  town  thereof  whose  net  debt  does  not 
exceed  three  per  cent,  of  such  valuation  ;   or  in  notes  of 
Massachusetts  citizens  with  pledge  of  any  of  these  securi- 
ties at  no  more  than  par  value.     In  bonds  of  Pennsylvania, 
Ohio,  Michigan,   Indiana,   Illinois,  Wisconsin,  Iowa,  and 
District  of  Columbia,  or  any  city  in  these  States  or  in  the 
State  of  New  York  (issued  for  municipal  purposes)  having 
more  than  •">(), 000  inhabitants  and  debt  not  exceeding  five 
per  cent,  of   valuation,   and   in   notes  of   Massachusetts 
citizens  with  these  as  collateral  pledged  at  not  exceeding 
eighty  per  cent,  of  market  value. 

3.  In  the  first  mortgage  bonds  of  any  New  England  rail- 


MAVERICK   NATIONAL    BANK.  51 

road  company  (not  street  railway)  operating  its  own  road 
and  that  has  paid  regular  dividends  for  the  two  preceding 
years  ;  in  first  mortgage  railroad  bonds  guaranteed  by 
such  company ;  in  notes  of  Massachusetts  railroad 
companies,  with  road  located  wholly  or  in  part  in  Mas- 
sachusetts, unencumbered  by  mortgage  and  which  has 
paid  dividends  of  not  less  than  five  per  cent,  per  annum 
for  preceding  two  years,  or  in  notes  of  Massachusetts 
citizens  with  above  as  collateral  at  not  above  eighty  per 
cent,  of  par. 

4.  In  stocks  of  Massachusetts   banks  or  any  United 
States  bank  located  in  New  England,  or  in  loans  on  bank 
stocks  to  citizens  at  not  above  eighty  per  cent,  of  market 
value  and  not  exceeding  par  ;    not  more  than  thirty-five 
per  cent,  of  deposits  to  be  thus  invested  or  more  than 
three  per  cent,  in  stock  of  one  bank. 

5.  May  loan  fifty  per  cent  upon  depositors'  books  as 
security. 

6.  One-third    part   of    deposits    may   be    invested   in 
personal  securities,  not  exceeding  one  year  to  run,  with 
at  least  two   sureties,    and  all  residents   of   Massachu- 
setts. 

7.  Ten   per   cent,   of    deposits,    but    not    more    than 
$200,000  in  lot  and  building  for  its  own  business. 

8.  In  real  estate  acquired  by  foreclosure,  but  it  must  be 
sold  within  five  years  after  title  is  acquired. 

Maine. 

The  savings  banks  of  this  State  may  invest  — 
In  public  funds  of  any  New  England  State,  or  county, 

city,  or  town  therein  ;    in  United   States  funds  ;  in  any 

United  States  bank  or  Maine  State  bank. 

In  bonds  of  cities  (not  less  than  10,000  inhabitants) 

in    New  York,  Pennsylvania,  Maryland,  Ohio,  Indiana, 

Illinois,    Kentucky,    Michigan,    Wisconsin,    Minnesota, 


52  MAVERICK   NATIONAL   BANK. 

Iowa,  Missouri,  Kansas,  and  Nebraska,  and  in  public 
funds  of  any  of  these  States,  and  in  bonds  of  counties 
of  these  States  having  20,000  population,  when  not 
issued  in  aid  of  railroads ;  but  where  the  city  or  county 
debt  exceeds  five  per  cent,  of  valuation  (except  the 
city  of  St.  Louis)  investment  is  forbidden. 

In  first  mortgage  bonds  of  any  completed  railroad  of 
the  above-named  States  or  of  New  Jersey,  and  in  the 
first  mortgage  bonds  of  the  Central  Pacific,  Union  Pacific, 
and  Northern  Pacific,  and  in  first  mortgage  bonds  of 
Maine  railroads  ;  in  stock  of  any  dividend  paying  rail- 
road in  New  England  ;  in  slock  of  any  unmortgaged 
Maine  road ;  in  first  mortgage  bonds  of  Maine  water 
companies  supplying  for  domestic  use  and  (ire  extin- 
guishment purposes  cities  or  towns  of  not  less  than 
2,500  inhabitants. 

In  the  stock  and  bonds  of  any  other  Maine  corpora- 
tions issuing  and  regularly  paying  five  per  cent,  per 
annum. 

In  first  mortgages  of  real  estate  in  Maine  or  New 
Hampshire  not  exceeding  sixty  per  cent,  of  value. 

In  notes  with  a  pledge  as  collateral  of  any  of  the 
aforesaid  securities,  including  Maine  savings  bank 
books  and  the  stock  of  any  railroad  company  at  not 
above  seventy-five  per  cent,  of  its  market  value. 

In  loans  to  corporations  having  real  estate  and  doing 
business  in  Maine. 

In  pledge  or  mortgage  of  such  other  personal  property 
as,  in  the  judgment  of  the  trustees,  it  is  safe  and  for  the 
interest  of  the  bank  to  accept. 

Not  exceeding  five  per  cent,  of  deposits,  or  8100,000  in 
amount,  may  be  invested  in  a  b:\nk  site  and  building. 

Banks  cannot  be  interested  in  more  than  one-fifth  ».f 
the  capital  stock  of  any  corporation,  nor  invest  more 
than  ten  per  cent,  of  deposit  nor  exceeding  $00,000 


MAVERICK   NATIONAL    BANK.  53 

therein ;  nor  can  they  have  more  than  fifty  per  cent,  of 
deposits  in  real  estate  mortgages  save  in  settlement  to 
secure  debts. 

Vermont  Savings  Banks 
May  invest  in  — 

First  mortgages  of  unencumbered  real  estate  ;  loan  not 
to  exceed  three-fifths  the  cash  value  of  property.  Not 
less  than  one-sixth  of  amount  of  such  mortgages  shall  be 
upon  real  estate  in  Vermont,  and  not  more  than  seventy 
per  cent,  of  assets  in  real  estate  mortgages. 

Loans  on  unimproved  or  unproductive  real  estate  not  to 
exceed  forty  per  cent,  of  value  thereof. 

Not  exceeding  one-third  of  assets  in  personal  security 
loans  not  exceeding  a  year's  time,  with  two  names  of 
residents  within  the  State  or  within  fifty  miles  of  the 
bank. 

Three  per  cent,  of  deposits  in  its  own  building. 

Public  funds  of  United  States  or  of  New  England 
States,  or  cities,  towns,  villages,  or  school  districts  of  New 
England  States. 

Bank  or  trust  company  stocks  incorporated  under 
United  States  laws  or  of  laws  of  New  York  or  New 
England  States. 

Bonds  of  cities  (except  railroad  aid  bonds)  of  5,000 
inhabitants  whose  debt  is  not  legally  allowed  to  exceed 
and  does  not  exceed  five  per  cent,  of  valuation  in  New 
York,  New  Jersey,  Pennsylvania,  Ohio,  Indiana,  Illi- 
nois, Michigan,  Wisconsin,  Minnesota,  Iowa,  Nebraska, 
Kansas,  Missouri,  and  California  ;  in  public  funds  of  these 
States,  county  bonds  of  the  same  (not  in  aid  of  railroads) 
where  county  debt  does  not  exceed  and  is  not  legally 
allowed  to  exceed  five  per  cent,  of  assessed  valuation. 
In  school  bonds  and  school  district  bonds  of  these  States 
(except  California)  upon  same  basis  of  debt.  In  notes 


54  MAVERICK    NATIONAL   BANK. 

with  any  of  these  securities  as  collateral,  including  de- 
posit books  or  receipts  of  Vermont  banks  or  trust  com- 
panies. Not  more  than  ten  per  cent,  of  deposits  nor  more 
than  §35,000  to  be  invested  in  one  bank  or  trust  company, 
or  more  than  ten  per  cent,  of  same  to  be  held  as  loan 
security  or  investment.  No  loan  to  one  person  or  firm  to 
exceed  five  per  cent,  of  deposits  nor  more  than  $30,000, 
and  no  loan  on  personal  security  to  exceed  810,000. 

Rhode  Island. 

"  Institutions  for  savings  in  this  State  must  invest  their 
receipts  in  public  stocks  or  bonds  of  any  State  or  of  the 
United  States,  or  in  any  bank  stock  or  in  notes  or  bonds 
of  any  town  or  city,  or  in  such  corporate  stocks  or  bonds 
as  they  may  deem  safe  and  secure  ;  or  they  may  discount 
notes,  bonds,  or  drafts  of  individuals  or  corporations  with 
two  other  responsible  endorsers,  sureties,  or  guarantors, 
or  the  notes,  bonds,  or  drafts  of  individuals  or  corpora- 
tions secured  by  the  public  notes,  stocks,  or  bonds  of  any 
State  of  the  United  States,  or  of  any  town  or  city,  or  by 
the  stock  or  bonds  of  any  corporation  which  may  be 
deemed  to  be  safe,  or  by  mortgage  on  real  estate  " 

Connecticut. 

Savings  banks  may  employ  not  over  half  their  deposits 
in  personal  loans,  and  in  public  funds  of  the  United 
States,  New  England  States,  or  New  York,  New  Jersey, 
Pennsylvania,  Ohio,  Kentucky,  Michigan,  Indiana,  Illi- 
nois, Wisconsin,  Iowa,  Missouri,  Kansas,  Nebraska, 
District  of  Columbia  ;  in  authorized  bonds  of  any  incor- 
porated New  England  city,  of  New  York  City,  Brooklyn, 
Albany,  Syracuse,  Utiea,  Troy,  Rochester,  Buffalo,  Phil- 
adelphia, Detroit,  Cleveland,  Columbus,  Dayton,  Cincin- 
nati, Chicago,  Milwaukee,  and  St.  Louis ;  in  the  first 
mortgage  bonds  of  any  railroad  company  in  the  above- 


MAVERICK  NATIONAL   BANK.  55 

mentioned  States  which  has  paid  not  less  than  five  per 
cent,  annual  dividends  regularly  on  its  entire  stock  for 
not  less  than  five  years  next  previous  to  the  purchase  of 
the  said  bonds  ;  or  in  the  consolidated  mortgage  bonds  of 
any  railroad  company  chartered  in  Connecticut,  said 
bonds  being  authorized  to  retire  the  entire  bonded  debt 
of  said  company,  provided  such  company  has  paid  divi- 
dends as  aforesaid ;  or  in  the  bonds  of  any  town  or 
borough  in  the  State  ;  or  in  the  stock  of  any  bank  of 
Connecticut,  New  York  City,  or  Boston ;  or  in  the  stock 
of  any  Hartford  or  New  Haven  trust  company.  All 
other  loans  shall  be  secured  by  mortgage  of  unineum- 
bered  Connecticut  real  estate,  worth  double  the  amount  of 
the  loan  secured  thereon. 

New  York. 

The  savings  banks  of  this  State  are  authorized  to  in- 
vest— 

1.  In  the  stocks  or  bonds  or  interest  bearing  notes  or 
obligations  of  the  United  States  or  those  for  which  the 
faith  of  the  United  States  is  pledged  to  provide  for  the 
payment  of  the  interest  and  principal,  including  the  bonds 
of  the  District  of  Columbia,   commonly  known  as  the 
three-sixty-five  bonds. 

2.  In  the  stocks,  bonds,  or  notes  of  New  York  State 
bearing  interest. 

3.  In  the  stocks,  bonds,  or  notes  of  any  State  in  the 
Union  that  has  not  within  ten  years  previous  to  making 
such  investment  by  such    corporation  defaulted    in    the 
payment  of  any  part  of  either  principal  or  interest  of  any 
debt  authorized   by  any  legislature  of  such  State  to   be 
contracted. 

4.  In  the  stocks,  bonds,  or  notes  uf  any  city,  county, 
town,  or  village  of   this   State  issued    pursuant    to  the 
authority  of  any  law  of  New  York  State,  or  in  any  inter 


56  MAVERICK   NATIONAL   BANK. 

est  bearing  obligations  issued  by  the  city  or  county  in 
which  such  bank  shall  be  located. 

5.  In  bonds  and  mortgages  on  unincumbered  real  estate 
situated  in  New  York  State  and  worth  at  least  twice  the 
amount  loaned  thereon,  but  not  to  exceed  sixty  per  cent, 
of  the  whole  amount  of  deposits  shall  be  so  loaned  or 
invested. 

6.  In  real  estate. 

( 1 .)  A  plot  whereon  is  erected  or  may  be  erected  a  build- 
ing or  buildings  requisite  for  the  convenient  transaction 
of  its  business ;  the  cost  of  such  building  not  to  exceed 
fifty  per  cent,  of  the  net  surplus  of  such  corporation. 

(2.)  Such  as  shall  have  been  purchased  by  the  bank  at 
sales  upon  foreclosure  of  mortgages  owned  by  such  bank, 
or  upon  judgments  and  decrees  obtained  or  rendered  for 
debts  due  to  it,  or  in  settlements  effected  to  secure  such 
debts.  All  such  real  estate  shall  be  sold  witliin  five 
years,  unless  time  extended  by  superintendent. 


CHAPTER   VI. 


BANKS  AND  BANKING. 


Early  Banking  in  Europe.  — The  Bank  of  England  and  the  Joint-Stock  Banks. — 
Bank  of  France.  —  Prices  and  Dividends  of  European  Bank  Shares. — 
Canadian  Banks.  —  The  Increase  of  Banking  Capital.  —  History  of  Banking 
In  the  United  States.  —  The  Number  of  National  Banks. —Capital  and 
Profits.  —  Comparative  Position  in  Recent  Times. — The  Statistical  Record 
for  Twenty-one  Years.  —  The  Maverick  National  Bank. 

EARLY  BANKING. 

Modern  banking  dates  from  the  revival  of  civilization 
in  Italy.  The  Bank  of  Venice  (1171)  was  the  first  in 
Europe  ;  it  was  based  on  a  forced  loan  to  the  state,  and 
its  original  capital  is  said  to  have  been  2,000,000  ducats 
($4,500,000).  It  was  a  bank  of  deposit,  but  in  its  early 
days  deposits  could  not  be  withdrawn  ;  its  credits  com- 
manded a  premium,  with  slight  exceptions  throughout  its 
entire  history.  The  bank  was  ruined  by  the  French 
invasion  of  1797.  The  names  of  Bardi,  Acciajuoli, 
Peruzzi,  Pitti,  and  Medici  have  been  preserved  to  us  in 
Italian  art  and  literature,  but  in  their  time  they  repre- 
sented the  greatest  trading  and  banking  houses  in  Europe. 
When  in  1345  the  houses  of  Bardi  and  Peruzzi  failed,  in- 
calculable distress  followed.  The  people  had  deposited 
with  them  900,000  florins  ($2,025,000),  but  these  houses 
had  loaned  Edward  III.  and  the  King  of  Sicily  1,700,000 
florins  ($4,075,000),  which  the  latter  were  unable  to  pay. 


58  MAVERICK   NATIONAL   BANK. 

The  size  of  financial  transactions  in  these  times  may  be 
judged  from  these  figures  and  from  the  fact  that  from 
1430  to  1433  seventy-six  bankers  at  Florence  lent 
4,865,000  gold  florins  ($9.946,250). 

The  Bank  of  St.  George  at  Genoa,  for  centuries  one  of 
the  leading  banks  of  Europe,  was  established  in  1407  ;  it 
continued  in  existence  till  its  pillage  by  the  French  in 
1800. 

Barcelona,  in  the  middle  ages,  was  one  of  the  foremost 
commercial  cities  of  Europe ;  it  is  especially  interesting 
as  the  place  where  bills  of  exchange  were  first  negotiated. 
The  Bank  of  Barcelona  was  organized  in  1401. 

At  the  beginning  of  the  17th  century,  Amsterdam,  then 
the  chief  port  of  entry  in  Europe,  suffered  greatly  from 
the  worn  and  clipped  condition  of  its  coin.  To  remedy 
this  and  to  provide  a  standard  for  the  currenc}'  the  Bank 
of  Amsterdam  was  established  in  1G09;  it  was  for 
deposit  and  transfers  of  accounts.  The  managers  were 
under  oath  not  to  lend  any  of  the  funds.  About  the 
middle  of  the  last  century  they  secretly  lent  part  of  the 
bullion  to  the  East  India  Company  and  to  the  govern- 
ment of  Holland.  This,  in  connection  with  the  French 
invasion  in  1794,  resulted  in  the  ruin  of  the  bank. 

The  Bank  of  Hamburg  (1619),  a  bank  of  deposit, 
based  on  fine  silver  bars,  was  always  one  of  the  best 
managed  banks  in  Europe.  It  was  merged  into  the 
Imperial  Bank  of  Germany  in  1875. 

P^NGLISH  BANKING. 

Banking  began  in  England  much  later  than  on  the 
continent.  It  had  been  the  custom  with  the  merchants 
of  London  to  deposit  their  money  in  the  Tower  with  the 
Master  of  the  Mint.  Shortly  before  the  opening  of  the 
Long  Parliament  Charles  I.  seized  upon  £200,000  of  this 
as  a  forced  loan.  Compelled  to  seek  a  new  place  of 


MAVERICK   NATIONAL   BANK. 


59 


security  for  their  funds,  the  merchants,  about  the  year 
1640,  began  to  make  deposits  with  the  goldsmiths,  many 
of  whom  gradually  gave  up  their  old  business  to  become 
bankers.  This  innovation  in  the  affairs  of  the  goldsmiths 
was  vigorously  attacked.  It  is  noted  that  among  the 
assailants  was  Sir  Josiah  Child,  who  afterwards  himself 
became  a  banker,  and  founded  one  of  the  two  houses  now 
existing  in  London  that  were  established  before  the  Bank 
of  England. 

The  Bank  of  England  was  projected  by  William  Pat- 
terson, a  Scotchman  ;  it  was  chartered  July  27,  1694,  for 
a  period  of  eleven  years.  It  was  founded  upon  a  loan  of 
£1,200,000  to  the  government  of  William  and  Mary,  then 
in  need  of  funds,  in  consideration  of  which  it  was  to  re- 
ceive interest  at  eight  per  cent,  per  annum,  besides  £4,000 
per  annum  for  the  management  of  the  public  debt.  The 
charter  has  been  renewed  several  times,  the  last  in  1844, 
when  the  opportunity  was  taken  to  divide  the  bank  into 
two  departments,  known  as  the  issue  and  banking  depart- 
ments. The  issue  department  is  allowed  to  put  forth 
notes  to  the  amount  of  £15,750,000  on  government  securi- 
ties, but  for  all  sums  above  that  amount  it  is  required  to 
have  a  like  amount  of  bullion.  The  bank  suspended 
specie  payments  from  1797  to  1823.  From  the  beginning, 
the  capital  of  the  bank  ami  the  loan  to  the  government 
have  been  nearly  identical  in  amount. 

The  capital  of  the  bank  has  risen  as  follows  :  — 


1694,        ....        £1,200,000 

1708 4,400,000 

1746,   ....    10,800,000 


1782, 
1816, 
1887, 


£11,600,000 
14,500,000 
14,500,000 


60 


MAVERICK   NATIONAL   BANE. 


THK  CONDITION   OF   THE  BANK   Of   ENGLAND   AT   DIFFERENT 
PERIODS   FROM    1780   TO    1887. 


MILLIONS  £. 


Circulation. 

Deposit*. 

Securities. 

Bullion. 

1780           

8.4 

4.7 

10.9 

3.0 

1790  

10.0 

6.2 

10.3 

8.0 

1800  

16.8 

7.1 

21.4 

6.1 

1810,          

21.0 

12.5 

35.4 

3.5 

1820  
1830,          

23.5 
20.1 

4.1 

10.8 

26.2 
24.2 

4.0 
9.2 

1840,          
1850  

16.6 

20.4 

6.0 
18.4 

21.6 
26.0 

4.3 

16.0 

1860  

21.5 

18.8 

29.4 

14.0 

]870           

24.5 

24.2 

29.5 

22.3 

1880,           

27.1 

33.1 

34.8 

27.9 

Jan.  1,  1837,     .... 

24.4 

28.5 

36.2 

18.8 

The  Bank  of  Scotland  was  organized  in  1G95  ;  the 
Bank  of  Ireland  began  business  June  1,  1783. 

In  1708,  copartnerships  of  more  than  six  persons  for 
the  purpose  of  banking  were  forbidden,  and  the  joint- 
stock  banks  were  closed. 

In  1825,  a  bank  act,  allowing  such  organizations,  was 
passed,  and  at  first  banking  rapidly  expanded  and  fail- 
ures were  numerous  ;  but  since  1844  the  character  of  bank 
management  in  England  has  greatly  improved.  The  lar- 
gest of  the  joint-stock  banks,  the  London  and  Westmin- 
ster, was  established  in  1834 ;  its  present  capital  is 
£2,800,000,  and  it  pays  a  dividend  of  fifteen  percent.  Its 
deposits  are  £22,217,424.  and  its  total  liabilities  foot  up 
£27,948,991. 

The  number  of  joint-stock  banks  in  the  United  King- 
dom in  June,  1882,  was  180,  of  which  120  were  English, 
10  Scotch,  9  Irish,  and  47  Colonial;  their  business  was 
us  follows :  — 


MAVERICK   NATIONAL   BANK. 


61 


] 

MILLIONS  £ 

English. 

Scotch. 

Irish. 

Colonial. 

Total. 

Capital, 
Reserve, 
Value  of  Stock, 
Issue,  . 
Deposits, 
Cash,    . 

62 
22 
138 
28 
279 
82 

9 
6 
24 
6 
79 
14 

7 
3 
20 
7 
23 
6 

40 
15 
68 
10 
132 
33 

108 
46 
250 
51 
513 
135 

Government  Securities, 
Discounts,  . 

Assets, 

52 
225 
398 

12 
62 
105 

2 
20 
32 

12 
251 
250 

78 
558 

785 

The  above  shows  a  nominal  capital  and  reserve  of  154 
millions,  but  the  shares  represent  an  actual  value  of  250 
millions. 

The  present  market  value  of  banking  capital  in  the 
United  Kingdom  is  as  follows  :  England,  173  per  cent. ; 
Scotland,  153  per  cent.  ;  Ireland,  122  per  cent.  Total, 
United  Kingdom,  165  per  cent. 

The  following  table  shows  the  increase  of  banking  in 
the  United  Kingdom  from  1850  to  1882  :  — 


Millions  £ 
Capital  and  De- 
posits. 

j  Amount  per  In- 
habitant. 

185O. 

IMS-. 

ls.~>0. 

1883. 

207 
36 
17 

660 
103 
43 

£11 
12 

1           3 

£26 
28 
8 

260 

806 

j    £io 

£23 

The  banks  of  the  United  Kingdom  are  owned  by  88,000 
shareholders,  the  average  capital  to  each  shareholder 
being  £1,000  in  Scotland,  £780  in  England,  and  £720 
in  Ireland. 


62 


MAVERICK   NATIONAL  BANK. 


BANK-NOTB  ISSUE  OF  UNITED  KINGDOM. 


000  omitted. 

Per  Inhabitant 
(Shillings). 

1844. 

1874. 

issa. 

1844. 

1874. 

188*. 

England, 
Scotland, 
Ireland,. 

United  Kingdom,  . 

£28,400 
3,000 
5,900 

£31,200 
5,900 
(5,800 

£28,900 
5,600 
7,300 

34 
22 
.15 

25 
35 
26 

22 
30 
29 

£37,300 

£43,900 

£41,800 

27      1      27 

23 

THE  BANK  OF  FRANCE. 

The  Bank  of  France,  second  to  the  Bank  of  England 
in  size  and  importance  in  Europe,  was  founded  in  1800. 
The  original  capital  was  45,000,000  francs  ;  increased  in 
1806  to  90,000,000  francs,  divided  into  90,000  shares  at 
1,000  francs  each.  The  bank  established  branches  from 
time  to  time,  and  in  1848  it  incorporated  with  itself  the 
departmental  joint-stock  banks  at  Lyons,  Marseilles, 
Bordeaux,  Rouen,  and  other  large  cities  ;  in  1879  the 
branches  numbered  ninety.  The  capital  of  the  bank  has 
been  increased  at  various  times ;  it  is  now  182,500,000 
francs.  The  Bank  of  France  is  the  only  bank  of  issue 
in  the  Republic. 

The  following  shows  the  situation  of  the  Bank  of 
France  in  Mav,  1887  :  — 


Assets. 

£ 

Liabilities. 

£ 

Coin  and  Bullion  —  OoKi,  . 

47.fl.17.000 

Notes  

109,341,000 

"              •«             Silver, 
Government  securities 
Private  securities, 

46,609,000 
14,376,000 
33,6-21,000 

Government  deposits, 
Private  deposits, 

9,698,000 
13,626,000 

MAVERICK    NATIONAL   BANK. 


63 


GERMAN  BANKS. 

Up  to  the  close  of  the  Franco-Prussian  war  banking 
was  carried  on  in  Germany  under  laws  peculiar  to  each 
State.  Most  of  the  banks  were  allowed  to  issue  notes, 
the  circulation  in  each  case  being  confined  to  the  neigh- 
borhood of  the  issuing  bank.  Dec.  31,  1873  there  were 
thirty-three  banks  of  issue  in  the  Empire,  with  a 
circulation  of  1,352,548,000  marks  ($338,137,000).  The 
unification  of  Germany  made  a  general  banking  law 
necessary.  Jan.  30,  1875,  a  law  was  passed  establishing 
the  Imperial  Bank.  With  this  the  old  Bank  of  Hamburg 
and  the  Royal  Bank  of  Prussia  were  incorporated. 

The  situation  of  the  bank  in  May,  1887,  was  as 
follows :  — 


Assets. 

£ 

Liabilities. 

£ 

Coin  and  bullion,    . 

38,990,000 

Notes  in  circulation,    . 

42,016,000 

Discounts  and  advances, 

21,230,000 

Current  accounts, 

16,565,000 

NETHERLANDS   BANK. 

The  Bank  of  the  Netherlands  was  first  chartered  in 
1814,  with  a  capital  of  5,000,000  florins.  This  has  been 
increased  at  various  times,  and  is  now  10,000,000  florins 
(84,000,000).  The  following  was  the  condition  of  the 
bank  in  May,  1887  :  — 


Assets. 

£ 

Liabilities. 

£ 

Coin  and  Bullion  —  Gold,  . 

4,909,000 

Notes  in  circulation,  . 

17,324,000 

"             "          Silver, 

8,236,000 

Deposits, 

1,548,000 

Discounts    and  advances, 

8,694,000 

64 


MAVERICK    NATIONAL    BANK. 


PRICES  AND  DIVIDENDS  OF  EUROPEAN  BANK  STOCKS. 


Paid-up 
Capital. 

Dividend 
Lastl2Mos. 

Am't  of 
Share. 

NAME. 

Paid. 

Market 
Prices. 

£ 

Per  cent. 

£ 

£ 

£ 

14,653,000 

10 

Stock, 

Batffc  of  England, 

100  % 

295 

2,800,000 

15 

100 

London  and   Westminster 

Bank, 

20 

M* 

2,000,000 

20 

80 

London  and  County  Bank 

Ing  Co.      . 

20 

84 

1,250,000 

14 

150  * 

Bank  of  Scotland, 

Stock, 

318 

2,000,000 

9 

Stock, 

Royal  Bank  of  Scotland, 

100* 

215 

2,769,230 

- 

Stock, 

Bank  of  Ireland, 

100  * 

273 

Franc*. 

Franc*. 

Franc*. 

Frano. 

182,500,000 

29,S£ 

1,000 

Bank  of  France, 

1,000 

4,130 

Marten. 

Mark*. 

120,000,000 

6'i 

3,000 

Imperial  Bank  of  Germany, 

100  % 

136\* 

Florin*. 

Flor. 

Flor. 

10,000,000 

121/10 

1,000 

Bank  of  the  Netherlands,  . 

1,000 

225 

RATES  OF  INTEREST  SINCE  1860. 


1851  -GO. 

1861-7O. 

1871-80. 

Avcrflge  of 
30  years. 

Great  Britain, 
France,     

4.17 
4.30 
4.05 

4.23 
3.55 
4.56 

3.28 
3.94 
4.30 

3.89 
3.93 
4.30 

Austria,   
Italy,        

5.26 
6.35 

4.77 
6.69 

4.T9 
4.85 

4.94 
5.30 

Holland  
Belgium,          .... 
Europe  

3.60 
3.62 
4.27 

3.98 
3.59 
4.30 

3.40 
3.60 
8.71 

3.67 
3.60 
4.09 

CANADIAN  BANKS. 


Paid-up 
Capital. 

Dividend 
Last  12 
Months. 

Amount 
of  Share. 

Paid. 

Market 
Prices. 

$12,000,000 
0,000,000 
6,753,883 

1-'* 
7* 

7* 

$200 
50 
100 

Bank  of  Montreal, 
Canadian  Bank  of  (Commerce, 
Merchants'  Bank  of  Canada, 

$200 
50 
100 

$494 
82* 

I  U2J 

£1,000,000 

6* 

£50 

British  Bank  of  N.  America, 

£50 

£68 

MAVERICK   NATIONAL   BANK. 


65 


Since  1840  the  banking  of  the  world  has  increased 
about  eleven-fold ;  that  is,  three  times  as  fast  as  com- 
merce, or  thirty  times  faster  than  population. 


CAPITAL  ENGAGED  IN  BANKING. 


MILLIONS  £. 

Amount  per 

Capital. 

Deposits. 

Total. 

Inhabitant. 

United  Kingdom,  . 
France  
Germany,        .... 

270 
65 
85 
45 

570 
150 
200 
110 

840 

205 
285 
165 

£25 
6 
6 
2 

Austria  
Italy  

36 
31 

130 
60 

166 
91 

5 
3 

Spain  and  Portugal, 

12 

7 

10 
20 

22 
27 

1 

5 

Holland,  
Scandinavia  

6 
11 

20 
24 

26 
35 

7 
4 

558 

1,294 

1,852 

£6 

United  States, 

145 
17 

386 
18 

531 
35 

10 
8 

Australia  

19 

66 

85 

30 

Totals,    .... 

739 

1,764 

2,503 

£7 

BANKING  AND  CURRENCY  IN  THE  UNITED  STATES. 

Paper  money  was  issued  from  time  to  time  by  the 
different  colonies,  Massachusetts  taking  the  lead  in  1690. 
During  the  Revolutionary  War  the  distress  attendant 
upon  the  depreciation  of  the  continental  currency  (the 
amount  of  which  had  grown  to  $240,000,000)  was  so 
great  that  some  public  measure  of  relief  was  necessary. 
In  May,  1781,  Robert  Morris  made  public  his  scheme  for 
a  bank  ;  the  Bank  of  North  America  was  incorporated 
Dec.  31,  1781.  Its  capital  was  $400,000,  of  which  the 
government  subscribed  $254,000.  At  the  expiration  of 
its  charter  in  1787  it  was  rechartered  by  Pennsylvania, 
and  it  exists  to-day  as  a  national  bank,  with  a  capital  of 
$1,000,000,  and  a  surplus  of  $1,000,000. 


66  MAVERICK   NATIONAL   BANK. 

In  1790,  Hamilton  urged  the  establishment  of  a  bank, 
and  laid  before  Congress  a  plan  for  such  an  institution. 
The  bank  was  incorporated  in  February,  1791.  Its  capital 
was  limited  to  $10,000,000,  the  government  subscribing 
$2,000,000 ;  the  shares  were  all  taken  as  soon  as  offered. 
The  bank  was  a  success,  its  dividends  during  the  twenty 
years  of  its  history  averaging  eight  and  one-fourth  per 
cent,  per  annum.  In  1811,  Congress  refused  to  renew 
its  charter.  The  stockholders  eventually  received  one 
hundred  and  nine  per  cent.,  but  owing  to  the  length  of 
time  between  the  payments  their  stock  really  netted  them 
less  than  par. 

The  number  of  State  banks  in  the  country  at  this  time 
was  ninety  ;  in  1813  their  number  increased  to  one  hundred 
and  fifty,  with  a  circulation  amounting  to  $(12,000.000. 
The  New  England  banks  suspended  specie  payments  in 
1814,  but  resumed  at  the  beginning  of  1817. 

State  bank  notes  having  become  very  unstable  in  value, 
Congress,  in  181(5,  chartered  the  second  United  States 
bank.  The  capital  was  &{y,000,00(),  of  which  the 
government  subscribed  §7.000,000.  The  State  banks, 
however,  increased  rapidly.  In  18 10  they  numbered  two 
hundred  and  forty-six,  with  §1)0,000.000  capital;  in  1830 
the  number  had  grown  to  three  hundred  and  thirty,  with 
$140,000.000  capital.  In  .July,  1832,  the  bill  to  recharter 
the  United  States  bank  was  vetoed  by  President  Jackson, 
and  the  institution  terminated  its  existence  as  a  national 
bank  in  1830.  The  following  report  was  made  to  Con- 
gress at  the  close  of  iN  legal  existence  :  — 


Estimated  value  of  all  asset* tflS,26S,740  03 

Debts  due  by  the  bank 2S»,'J.V!,C10  27 


Estimate.!  value  of  its  xtork $.-?9,oi:,,l30  36 

Equal  to  $111.47  per  ahare. 


MAVERICK   NATIONAL   BANK.  67 

The  bank  continued  operations  under  a  charter  from 
Pennsylvania  for  a  few  years,  but  in  1841  its  stock 
became  worthless. 

The  refusal  to  recharter  the  United  States  Bank  led  to 
the  incorporation  of  a  large  number  of  State  banks.  The 
capital  of  many  of  these  was  fictitious  or  but  partly  paid 
up,  and  the  power  of  circulation  granted  them  was  almost 
unlimited.  In  1837  there  w^re  788  State  banks,  with  a 
capital  of  $291,000,000;  $149,000,000  in  circulating 
notes,  $127,000,000  in  deposits,  and  $525,000,000  in 
loans  and  discounts.  The  remarkable  expansion  and  the 
wild  speculations  of  this  period  resulted  in  the  panic  of 
1837,  the  worst  the  country  has  ever  known.  Specie 
payments  were  suspended,  values  fell,  and  a  period  of 
distress  followed  which  lasted  nearly  five  years.  From 
Jan.  1,  1837,  to  Jan.  1,  1843,  the  banking  circulation  of 
the  country  fell  from  $145,185,890  to  $58,563,608  ;  banks 
decreased  in  number  ninety-seven,  banking  capital  nearly 
$62,000,000,  deposits  $71,500,000,  loans  and  discounts 
$270,500,000,  and  specie  in  bank  nearly  $5,000,000. 

The  crisis  of  1837  led  to  the  adoption  of  the  Suffolk 
Bank  system  in  Boston.  This  was  an  arrangement  by 
which  the  Suffolk  Bank  received  the  notes  of  all  New  Eng- 
land banks  finding  their  way  to  Boston,  and  returned  them 
for  immediate  redemption.  The  State  of  New  York  put 
in  operation  the  New  York  safety  fund  system,  under 
which  banks  were  compelled  to  deposit  securities  with 
the  banking  department  of  the  State  to  provide  against 
failures.  Jan.  1,  1847,  the  United  States  sub-treasury 
system  went  into  operation,  since  which  time  the  govern- 
ment has  collected  and  disbursed  its  revenue  without 
the  intervention  of  the  banks. 

In  1857  there  was  another  crash,  and  all  the  banks 
in  the  Union  suspended  specie  payments  ;  the  depression 
did  not,  however,  continue  long. 


68 


MAVERICK   NATIONAL    BANK. 


The  following  table  gives  the  number  of  State  banks 
reported  to  the  Treasury  Department  each  year  from 
1837  to  1862,  inclusive,  together  with  their  aggregate 
capital,  deposits,  circulation,  loans  and  discounts,  and 
specie :  — 


NUMBER  OF  STATE  BANKS  REPORTED  TO  THE  TREASURY  DE- 
PARTMENT EACH  YEAR  FROM  1837  TO  18G2,  INCLUSIVE, 
TOGETHER  WITH  THEIR  AGGREGATE  CAPITALS,  DEPOSITS, 
CIRCULATION,  LOANS  AND  DISCOUNTS,  AND  SPECIE. 


YEAR. 

No.  of 
Banks. 

00,000  omitted. 

Capital. 

Deposits. 

Circula- 
tion. 

Loans 
and  Dis- 
counts. 

Specie. 

1837, 

783 

$290,7 

$127,3 

$149,1 

$525  1 

$37,9 

1838, 

829 

317,6 

84,6 

116,1 

485,6 

35,1 

1839, 

840 

327,1 

90,2 

]35,1 

192,2 

46,1 

1840, 

901 

358,4 

75,6 

106,9 

462,8 

33,1 

1841, 

784 

313,6 

64,8 

107,2 

386,4 

25,8 

1842, 

092 

260,1 

62,4 

83,7 

323,9 

28,4 

1843, 

691 

228,8 

56,1 

58,5 

254,5 

33,5 

1844, 

696 

210,8 

84,5 

75,1 

264,9 

49,8 

1845, 

07 

206,0 

88,0 

89,6 

288,6 

44,2 

1846, 

07 

196,8 

96,9 

105,5 

312,1 

42,0 

1847, 

15 

20li,0 

91,7 

105,5 

310,2 

35,1 

1848, 

51 

204,8 

103,2 

128,5 

344,4 

48,3 

1849, 

82 

207,3 

91,1 

114,7 

332,3 

43,6 

1850, 

824 

217.3 

109,5 

131,3 

364,2 

45,3 

1851, 

879 

227,8 

128,9 

155,1 

413,7 

48,6 

1852, 

750 

207,9 

145,5 

146,0 

408,9 

46,1 

1853, 

208 

301  ,3 

188,1 

204,6 

557,3 

69,4 

7854, 

,307 

332,1 

190,4 

186,9 

576,1 

53,9 

1855, 

,398 

34:;,8 

212,7 

195,7 

634,1 

69,3 

1856,       . 

416 

370,8 

230,3 

214,7 

684,4 

58,3 

1857,       . 

422 

301,6 

18."),'.) 

155,2 

583,1 

74,4 

1858,       . 

,476 

401,9 

259,5 

193,3 

657,1 

104,5 

1  S.M), 

5GS 

422,1 

253,8 

207,1 

692,0 

83,6 

I860,       . 

,509 

429,5 

257,2 

202,0 

69(>,7 

87,6 

1861,      . 

,496 

419,7 

297,1 

183,9 

647,6 

102,2 

1802,      . 

1,466 

405,0 

393,0 

238,6 

648,6 

101,2 

At  the  outbreak  of  the  civil  war  in  1801  the  paper  in 
circulation  in  the  United  States  amounted  to  $-200,000,000, 
of  which  $50,000,000  represented  Southern  banks.  The 
specie  available  for  circulation  was  $275,000,000.  The 
government  borrowed  $50,000,000  of  the  banks  of  the 
large  cities  on  demand  notes.  In  February,  1862,  Con- 


MAVERICK   NATIONAL   BANK.  69 

gross  authorized  the  issue  of  $150,000,000  of  legal  ten- 
ders, $50,000,000  of  which  was  to  take  up  these  notes. 
The  national  banking  system  dates  from  the  act  of  Feb. 
25,  1863,  creating  the  currency  bureau  and  establishing 
the  office  of  comptroller  of  the  currency.  The  act  was 
for  the  purpose  of  assisting  the  government  loans. 
Under  it  the  comptroller  was  authorized  to  permit  the 
establishment  of  banking  associations  of  not  less  than 
five  persons,  and  a  minimum  capital,  except  in  small 
places,  of  $100,000.  The  associations  were  obliged,  be- 
fore commencing  business,  to  deposit  with  the  Treasury 
Department  of  the  United  States,  bonds  to  the  extent 
of  one-third  of  the  capital ;  for  which  they  were  to  receive 
circulating  notes,  equal  to  ninety  per  cent,  of  the  mar- 
ket value  of  the  bonds,  but  not  beyond  ninety  per 
cent,  of  par.  The  issue  of  currency  was  limited  to 
$300,000,000,  to  be  apportioned  among  the  States  accord- 
ing to  population  and  banking  capital.  A  large  portion 
of  the  State  banks  took  charters  under  the  new  system. 
Specie  soon  went  out  of  circulation. 

The  general  resumption  of  specie  payments  took  place 
Jan.  1,  1879. 

The  bank  act  provided  for  an  existence  not  exceeding 
twenty  years.  As  the  charters  of  some  of  the  banks 
organized  in  1863  expired,  or  were  about  to  expire, 
before  the  passage  of  the  act  of  July  12,  1882,  providing 
for  extending  the  corporate  existence  of  national  banks, 
about  fifty  of  them  reorganized,  and  took  new  charters. 
Since  this  time,  nearly  all  expiring  bank  charters  have 
been  renewed. 


70 


MAVERICK   NATIONAL    BANK. 


SUMMARY  OF  NATIONAL  BANKS  ORGANIZED  AND  DISSOLVED 
SINCE  FEB.  25,  1863,  AND  THE  NUMBER  EXISTING  Nov.  1, 
1886. 


HANKS  ORGANIZED. 

Num- 
ber. 

DISSOLVED. 

Nowexisting. 

In  Liquidation, 
voluntary  or  by 
expiration. 

Failed. 

Total 
number 
dis- 
•olved. 

Num- 
ber. 

Per 
Cent. 

No. 

Per  Ct. 

No. 

Pr.  Ct. 

Converted  from  State 
By-item, 
Other  banks, 

Total,    . 

575 
3,005 

66 
634 

12 
18 

19 
93 

3 
3 

85 
627 
712 

490 
2,378 

85 

79 

3,580 

600 

17 

112 

3 

2,868 

80 

Of  600  banks  which  have  gone  Into  voluntary  liquidation,  456  took  that  step 
for  the  purpose  of  winding  up  their  affairs,  79  for  the  purpose  of  reorganization, 
and  6J  weut  into  liquidation  by  reason  of  expiration  of  charter,  33  of  them  hav- 
ing since  been  reorganized. 


BANK  PROFITS. 


Year  ending 
Sept.  1. 

No.  of 

Hanks. 

Millions 
Capital. 

Millions 
Surplus. 

Millions 
Divi- 
dends. 

Millions 
Net 
Earn- 
ings. 

Ratio  of 
Divi- 
dends to 
Capital. 

Katlo  of 
Div'dsto 
Cap.  and 
Surplus. 

Ratio  of 
Earn'gs 
to  Cap. 

JtSurp's. 

1S70, 

1,601 

$425 

$91 

$42 

$55 

10.12 

8.35 

10.96 

1871, 

1,693 

445 

98 

41 

54 

10.14 

8.31 

10.23 

187'J, 

1,852 

465 

105 

46 

58 

10.19 

8.33 

10.36 

137:1, 

1,955 

488 

118 

49 

65 

10.31 

8.30 

10.87 

1S71, 

1,971 

489 

128 

48 

59 

9.90 

7.87 

9.68 

187.'), 

2,047 

497 

134 

49 

67 

9.89 

7.81 

9.22 

187t>, 

2,081 

500 

132 

47 

43 

9.42 

7.45 

6.81 

1S77, 

2,072 

486 

124 

43 

34 

8.93 

7.09 

5.62 

187S, 

2,047 

470 

118 

36 

30 

7.80 

6.21 

5.14 

1879, 

2.045 

455 

115 

34 

31 

7.60 

6.07 

5.49 

1880, 

2,072 

454 

120 

3d 

45 

8.02 

fl.35 

7.88 

1881, 

2,100 

458 

127 

as 

53 

8.38 

6.59 

9.20 

1882, 

2,197 

473 

133 

40 

53 

8.73 

6.81 

8.88 

1883, 

2,350 

494 

141 

40 

5t 

8.30 

650 

8.60 

1884, 

2,582 

518 

147 

41 

52 

8.00 

6.20 

8.00 

1885, 

2,665 

524 

146 

40 

43 

7.80 

6.00 

6.50 

1886, 

2.7H4 

532 

155 

42 

55 

7.96 

6.17 

8.02 

CONDITION  OK  THE  NATIONAL  BANKS,  1879-1887. 
The  following  table  exhibits  the  resources  and  liabili- 
ties of  the  national  banks  in  operation  at  corresponding 
dates  for  the  last  nine  years,  in  millions  :  — 


MAVERICK   NATIONAL   BANK. 


71 


of  . 

(B^- 

j 

e&  . 

cf  . 

o  . 

f-j- 

t-T  . 

*£  . 

2 

i—  i 

G* 

CO 

in 

a 

•  & 

«§ 

tJS 

-Mc8 

*j« 

'£.* 

•MOB 

tjl 

jjoB 

o 

WM 

O 

o"1 

o"" 

o"" 

DQ 

o" 

X"1 

KB  SOURCES. 

Loans,  

878 

1,041 

1,173 

1,243 

1,309 

1,245 

1,306 

1,451 

1,515 

Bonds  for  circulation, 

357 

357 

363 

357 

351 

327 

307 

25$ 

211 

Other  U.  8.  bonds, 

71 

43 

56 

37 

30 

30 

31 

32 

32 

Other  stocks,  bonds,  etc.,  . 

39 

48 

61 

66 

71 

71 

77 

81 

87 

Due  from  other  banks, 

167 

21.3 

230 

198 

208 

194 

235 

241 

271 

Real  estate,  .... 

47 

48 

47 

46 

48 

49 

51 

54 

65 

Specie,           .... 

42 

109 

114 

102 

107 

12S 

171 

156 

171 

Legal  tender  notes, 

69 

56 

53 

63 

70 

77 

69 

62 

66 

National  bank  notes,  . 

16 

18 

17 

20 

22 

23 

23 

22 

24 

Clearing-house  exchange,  . 

113 

121 

189 

208 

96 

66 

84 

95 

89 

U  8.  certificates  of  deposit, 

26 

7 

6 

8 

10 

14 

18 

6 

7 

Due  from  U.  8.  Treasurer, 

17 

17 

17 

17 

16 

17 

14 

13 

11 

Other  resources,  .        .        . 

22 

23 

26 

28 

28 

33 

36 

37 

36 

Totals  

1,808 

2,100  2,358 

2,399 

2,372 

2,279 

2,432 

2,513 

2,581 

LIABILITIES. 

Capital  stock, 

454 

457 

463 

4  S3 

509 

524 

527 

548 

555 

Surplus  fund, 

114 

12J 

123 

132 

142 

147 

146 

157 

164 

Undivided  profits, 

41 

46 

50 

til 

61 

63 

59 

66 

67 

Circulation, 

313 

317 

320 

315 

310 

289 

269 

228 

186 

Due  to  depositors, 

736 

8S3   1,0  -i3 

1,134 

1  ,06:', 

993 

1,120 

1,191 

1,244 

Due  to  other  banks,    . 

201 

207      204 

259 

270 

246 

299 

308 

352 

Other  liabilities,  . 

6 

8  i      11 

13 

14 

15 

10 

12 

11 

Totals  

1,808 

2,105  2,358 

2,399 

2,372 

2,270 

2,432 

2,513 

2,581 

Number  of  banks, 

2,048 

2,090  .2,132  2,269 

2,501 

2,664  2,714 

2,852 

2,909 

NATIONAL  BANK  SHAREHOLDERS. 

The  capital  stock  of  the  2,808  (Nov.  31,  1880)  Na- 
tional banks  is  represented  by  7,110.804  shares.  Of  these, 
6.426.320,  or  over  00  per  cent.,  are  held  by  residents  of 
the  State  in  which  the  bank  is  located,  and  690,574,  or 
less  than  10  per  cent.,  by  non-residents.  In  1876,  less 
than  90  per  cent  of  the  stock  was  held  by  residents. 

The  number  of  shares  held  by  natural  persons  is 
6,524,143,  or  over  91  per  cent.,  while  the  remainder  are 
held  as  follows  :  82,694  shares  by  religious,  charitable, 
and  educational  institutions  ;  6,188  by  municipal  corpora- 
tions ;  490,993  by  savings  banks,  trust  companies,  and 
insurance  companies,  and  12,897  by  all  other  corpora- 
tions. 


72 


MAVERICK   NATIONAL   BANK. 


The  number  of  shareholders  in  national  banks  is  223,- 
583,  of  which  number  215,876,  or  over  96  per  cent.,  are 
natural  persons,  while  more  than  «8£  per  cent,  of  all  the 
stockholders  are  residents  of  the  State  in  which  the  bank 
is  located. 

Of  the  223,583  shareholders,  117, 974,  being  more  than 
half,  hold  ten  shares  or  less  ;  73,781,  or  about  a  third,  hold 
over  ten  shares  but  less  than  fifty ;  while  those  holding 
over  fifty  shares  number  only  26,828,  or  but  little  more 
than  one-ninth  of  the  whole. 

SUMMARY. 

The  Report  of  the  Comptroller  of  the  Currency  for  1886 
is  accompanied  by  a  diagram  exhibiting  in  a  striking 
manner  the  record  of  the  national  banking  system  during 
the  twenty-one  years  since  the  war,  from  which  the 
following  summary  has  been  made  :  — 

On  the  1st  of  January,  1866,  there  were  1,582  national  banks;  on  the  7th  o* 
October,  1886,  there  were  -,852, — a  net  Increase  in  number  alone  of  1,270. 


Jan.l, 
18  8 

Mils. 

Oct.  7, 
1886. 

Mils. 

Highest  Point  touched. 

Lowest  l''t  touched. 

Amt. 
Mils. 

Date. 

Amt. 
Mils. 

Date. 

Capital,      

$403 

475 
213 

440 

600 

20 
187 
19 

$543 

772 
228 

291 
1,173 
1,443 

63 

156 

$543 

772 
311 

712 
1,173 
1,443 

28 
205 
177 

Oct.      7,  1886 

Oct.      7.  1SS6 
Dec.  26,  1873 

Apr.    4,  1879 
Oct.      7,  Wfl 
Oct.      7,  1886 

Dec.  31,  1H83 
Oct.      1,  1886 
July     1,  1885 

$403 

475 
213 

291 
501 
500 

11 
50 

8 

Jan.    1,  1868 

Jan.    1,  1866 
Jan.    1,  1806 

Oct.     7,  1886 
Oct.     8,  1S70 
Jan      1,  1S66 

Oct.    7,  1867 
Mar.  11,  1882 
Oct.    1,  1875 

Capital,  surplus,   and 
undivided  profits,    . 

Total    investments   In 
United  States  bonds, 
Deposits,   ... 
Loans   and  din-omits, 
Cash  : 
National  bank  notes, 
Legal  tender   notes, 

An  examination  of  thin  table  shows  that  the  aggregate  capital,  surplus,  undi- 
vided profit*,  circulation,  and  deposits  have  increased  from  $1,210,000,000  In 
January,  ISOfi,  to  $'J,  17:5,000,000  in  October,  18S6,  which  is  less  than  double, 
while  the  loans  and  discounts  have  gone  up  from  $500,000,000  to  $1,443,000,000, 
which  ii  nearly  treble. 


MAVERICK    NATIONAL    BANK. 


73 


The  investments  in  bonds  have  taken  an  opposite  course.  Amounting  to 
$440,000,000  in  1866,  increasing  to  $712,000,000  in  April,  1879,  they  had  subsided 
by  7th  October  last  to  $291,000,000,  but  little  more  than  half  what  they  were  in 
186(3,  and  scarcely  over  a  third  of  what  they  momentarily  amounted  to  in  1879 

The  specie,  which  at  the  beginning  of  the  period  was  but  $19,000,000,  had  got 
down  in  October,  1875,  to  $8,000,000,  is  now  $156,000,000,  and  in  July,  1885,  was 
$177,000,000. 

It  is  interesting  to  see  how  these  changes  appear  when  reduced  to  percentages. 

The  capital,  surplus,  undivided  profits,  circulation,  and  deposits  constitute 
together  the  fund  upon  which  a  bank  does  its  business. 

Loans  and  discounts,  United  States  bonds,  specie,  etc.,  are  different  forms  in 
which  this  fund  is  invested.  Taking  the  fund  at  $1,210,000,000  in  1S66  and  at 
$2,173,000,000  in  1886,  these  investments  represent  the  following  proportions  01 
those  amounts,  viz  :  — 


1SGO. 

1886. 

Loans  and  discounts,     

41.32 

66.40 

United  States  bonds,     

3636 

13.39 

Specie,     ............ 

1.57 

7.13 

Total  

i3.25 

86  97 

Another  striking  fact  io  that  in  1866  the  circulation  was  $213,000,000,  and  in  188fi 
it  is  only  $228,000,000  At  the  former  period,  therefore,  the  circulation  was 
nearly  45  per  cent  of  the  capital,  surplus,  and  undivided  profits,  while  now  it  is 
only  about  29  per  cent. 


THE  MAVERICK  NATIONAL  BANK. 

This  institution  was  organized  as  a  State  Bank  May  10, 
1854,  and  reorganized  as  a  National  Bank  Dec.  14,  18G4. 
It  renewed  its  charter  under  the  charter  extension  act  of 
Congress,  Dec.  14,  1884. 

Mr.  Asa  P.  Potter  was  chosen  vice-president  Jan.  14, 
1873,  and  president  Jan.  11,  1876. 

Mr.  Joseph  W.  Work  was  chosen  assistant  cashier 
July  1,  1871),  and  cashier  May  1,  1884. 

Mr.  E.  II.  Lowell  is  assistant  cashier. 

The  present  directors  are  :  Mr.  Thomas  Dana,  Mr.  N. 
B.  Mansfield,  Mr.  Jonas  H.  French,  Mr.  Henry  F.  Woods, 
and  Mr.  Asa  P.  Potter. 

The  following  is  the  latest  statement  of  the  assets  and 
liabilities  of  the  bank  :  — 


74  MAVERICK    NATIONAL    BANK. 


March  31,  1887. 
RESOURCES. 

Loans $6,249,037  93 

D.  8.  Bonds  at  Washington  to  secure  circulation,  par  value,        .  200,000  00 

U.  S.  Bonds  to  secure  deposits, 100,000  00 

U .  B.  Bonds  on  hand 144,90000 

Sundry  bond  account, 913,970  50 

Premium 63,016  33 

Ueal  estate, 9,178  94 

Due  from  approved  reserved  agents, 1,264,007  98 

Due  from  other  National  banks, 527,581  37 

Kxchanges  for  clearing  house 1,263.184  03 

Legal  tender  notes 12fl,3;iO  00 

Specie, 825,061  00 

Bills  of  other  National  banks,  checks,  and  other  cash  items,        .  178,15ft  37 

Reserve  at  Washington,  five  per  cent,  fund 13.0OO  txt 

Total $11,877,423  46 

LIABILITIES. 

Capital  stock  paid  In, $400,000  00 

Surplus  fund, 600,000  00 

Other  undivided  profits, 125,375  62 

Dividends, 20,0'J5  00 

National  Bank  note*  outstanding 180,uOO  00 

Individual  deposits 4,260,204  22 

Bank  deposits 6,201,758  61 

United  States  deposit, 90,000  00 

Total $11,877,423  45 

To  show  the  progress  in  business,  statements  for  ten 
and  twenty  years  -after  the  hank's  establishment  are  here- 
with given  :  — 

Mai-cli  3O.   1*64. 

ItESO  URGES. 

Loans,           .         .                 $740,472  SI 

Sundry  bonds  and  Mock* 6,200  00 

United  States  interest  account, 3,412  7;"> 

United  State*  notes 11,371  6<J 

Specie 67,016  51 

Bills  and  check*  on  other  banks,      .         .                  ....  30,845  24 


Total $848,319  00 

LIABILITTKS. 

Capital $400,000  00 

Profit  and  Iocs, ....  39,423  87 

Deposits,                        257,960  29 

Dividends  unpaid 250  50 

United  States  tax  account 1,300  26 

Banks  and  bankers, 16,248  08 

Circulation,         .                 184,136  00 

ToUl $848,819  00 


MAVERICK   NATIONAL   BANK.  75 

Karcb  86,  1874. 

RESOURCES. 

Loans $946,500  79 

United  States  bonds  at  Washington,  D.  C.,  to  secure  circulation,  275,000  00 

Due  from  approved  reserve  agents, 107,959  36 

Sundry  banks, 13,370  73 

Clearing  house, 56,718  06 

Legal  tenders, 80,350  00 

Specie, 3,587  50 

Bills,  checks  on  Assistant  Treasurer  and  Trust  Companies,        .  28,011  29 


Total $1,511,497  73 


LIABILITIES. 

Capital $400,000  00 

Surplus  fund 80,000  00 

Profit  and  loss 111,905  22 

Deposits, 553,503  24 

Banks  and  bankers 125,010  27 

Dividends  unpaid 502  00 

Circulation 240,577  00 

Total $1,511,497  73 


TELEGRAPH  CODE. 

The  following  telegraph  code  is  in  use  by  correspondents 
of  the  Maverick  National  Bank  for  purchases,  sales,  and 
exchanges  of  United  States  bonds.  It  is  the  code  in 
general  use  for  telegraphing  between  bankers. 

SECURITIES. 

Regd.  4is,  1891, Maine. 

Coup.       do.  Delaware. 

Regd.  4s  of  1907, Columbia. 

Coup.         do. Montana. 

U.  S.  Currency  6s, Idaho. 


76 


MAVERICK    NATIONAL    BANK. 


Called  Bonds,  .... 
Regd.  District  of  Columbia  3-65s, 
Coup.  do.  do. 


Nevada. 

Kentucky. 

Texas. 


PHRASES. 

At  what  will  you  sell, Europe. 

At  what  will  you  buy, Asia. 

At  what  can  you  buy  for  us,  .....  Rome. 

All  right — we  take  the  —  at,.         ....  Sweden. 

All  right  —  we  sell  you  the  —  at,     ....  Norway. 

Answer  by  mail,      .......  Canada. 

Buy  for  our  account, Ireland. 

Buy  at  best  rate, Belgium. 

Bonds  held  at  Washington  as  security  for  circula- 
tion, .........  Egypt. 

Deposit  at  Washington  as  security  for  circulation,  Palestine. 

Hold  for  instructions,     ......  Frankfort. 

How  does  market  look,    ......  Toronto. 

If  accepted  immediately  by  wire,    ....  Glasgow. 

If  bought,  sell  out  again,        .....  Paris. 

If  sold,  buy  back,    .......  London. 

If  unsold  on  receipt  of  your  answer,      .         .         .  Pekin. 

Make  best  bid  for,  .......  Persia. 

Market  is  very  active, Ontario. 

Market  is  very  dull,         ......  France. 

Market  unsettled.   Can't  name  price  to  keep  open,  Portugal. 

Order  good  until  countermanded,  ....  Malta. 

Scarce  and  in  demand,     ......  England. 

Sell  for  our  account,        ......  Italy. 

Sell  at  best  rate, Scotland. 

Send  by  express, Berlin. 

Send  by  mail,  ........  Amsterdam. 

Telegraph  us  an  order  and  we  will  <!'>  the  he-it  we 

can,  .........  Spain. 

Too  late  to  do  anything.  .         .         .  Austria. 

We  accept  your  offer,  .....  India. 

We  are  out  of,         .  Dublin. 


MAVERICK    NATIONAL    BANK. 


77 


We  arc  full  of,         .... 

We  are  unable  to  draw.     Please  remit, 

We  can  buy  for  you,        ... 

We  decline  your  offer,     . 

We  do  not  wish  to  sell,  . 

We  do  not  wish  to  buy,  . 

We  have  sold  for  your  account, 

We  have  bought  for  your  account, 

We  hold  for  instructions, 

We  raise  limit  to,    . 

We  reduce  limit  to,          ... 

We  send  by  express, 

We  send  by  mail,     .... 

We  will  sell, 

We  will  buy,    ..... 
We  will  give, 


Edinburgh. 

Moscow. 

Russia. 

China. 

Japan. 

Denmark. 

Holland. 

Wales. 

Vienna. 

Syria. 

Greece. 

Brussels. 

Liverpool. 

Africa. 

America. 

Naples. 


AMOUNTS. 


Belle,  . 

1,000 

George, 

.    110,000 

Ellen,  . 

2,000 

Fanny, 

.    120,000 

Lottie, 

3,000 

Jane,    . 

.    125,000 

Louisa, 

4,000 

Edward, 

.    130,000 

Thomas, 

5,000 

Sally,  . 

.    140,000 

John,  . 

.      10,000 

Laura, 

.    150,000 

William, 

.     20,000 

Richard, 

.    160,000 

Blossom, 

.      25,000 

Miriam, 

.    170,000 

Martin, 

.      30,000 

Adolph, 

.    180,000 

Luther, 

.      40,000 

Mark,  . 

.    190,000 

Alexander,  . 

.     50,000 

Luke,  . 

.    200,000 

Stephen, 

.     G0,000 

Matthew,     . 

.    225,000 

Joseph, 

.      70,000 

Samuel, 

.    250,000 

Henry, 

.      75,000 

Peter,  . 

.    300,000 

Charles, 

.      80,000 

Robert, 

.    400,000 

Mary,  . 

.      90,000 

Gypsy, 

.    500,000 

Emily, 

.    100,000 

Choctaw,     . 

1,000,000 

78 


MAVERICK   NATIONAL   BANK. 


RATES. 

ONE. 

FOUR. 

8KVKN. 

H  Broad. 

4£  Green. 

7k  Pine. 

1±  Bank. 

4J  Gaskill. 

7£  Park. 

If  Beaver. 

4|Gay. 

75  Pear. 

14  Bond. 

44  George. 

74  Poplar. 

18  Brook. 

4|  German. 

7f  Plum. 

If  Brown. 

4}  Girard. 

7f  Prince. 

15  Button. 

4|  Grape. 

11  Prune. 

TWO. 

FIVK. 

EIGHT. 

2i  Chestnut. 

6J-  Locust. 

8i  Race. 

2±  Cedar. 

5J  Laurel. 

Si-  Rawle. 

2f  Centre. 

5  f  Lemon. 

8f  Read. 

24  Cherry. 

54  Linden. 

84  Ritner. 

2|  Church. 

5f  Lilly. 

8|  Rose. 

2f  Clinton. 

5J  Logan. 

8J  Rush. 

21  Crown. 

51  Lombard. 

8J  Rye. 

TIIRKK. 

SIX. 

NINE. 

3J  Front. 

G|  Matron. 

9i  Spruce. 

3±  Federal. 

f>i-  Master. 

9}  Sansom. 

3|  Filbert. 

Gg  Marshal. 

93  Shippcn 

34  Franklin. 

G4  Melon. 

9-i  Small. 

3&  Fayctte. 

G|  Minor. 

93  Spring. 

3J  Farr. 

G|  Myrtle. 

9}  South. 

3?  Fulton. 

6J  Mulberry. 

i)|  Summer 

NOUGHT. 

Ok  Walnut. 

04  Weaver. 

OJ  Willow. 

0±  Warren. 

08  West. 

Of1,  Piu. 

Of  Water. 

0|  Wood. 

Oj^  Needle 

CHAPTER    VII. 


COINAGE  AND  CURRENCY. 


Oriental  and  European  Coinage.  —  Colonial  Coinage.  —  The  Silver  Dollar.— 
United  States  Coinage.  —  Value  of  Foreign  Coins.  —  Legal  Tender  and 
Bank  Notes  Statistics.  —  The  Distribution  of  the  Currency  of  the  United 
States. —  Gold  and  Silver  Production.  —  Ratio  of  Silver  to  Gold. 

PRIMITIVE  COINS. 

Gold  and  silver  were  in  use  among  the  Orientals  as 
money  long  before  the  beginning  of  authentic  history.  It 
is  said  of  Abraham  that  "  he  was  rich  in  silver  and  gold, 
and  bought  a  sepulchre  for  his  wife  Sarah  for  four 
hundred  shekels  of  silver"  ($250).  The  Lydians  are 
said  to  have  been  the  first  to  coin  money.  The  standard 
money  of  Greece,  down  to  a  comparatively  recent  date, 
was  silver.  Gold  coins  were  in  circulation,  but  they  were 
of  foreign  origin.  Philip  of  Macedon  was  the  first  to 
introduce  gold  coinage  into  Greece  ;  later,  the  spoils  of 
Alexander  made  the  article  common.  The  Romans  for  a 
long  time  used  only  bronze  and  copper  coins.  Their  first 
silver  money  was  made  269  B.  C.  ;  their  first  gold  coin 
not  until  207  B.  C. 

The  study  of  modern  coinage  is  somewhat  perplexing 
on  account  of  the  frequent  changes  in  the  names  of  the 
coins.  Of  the  mediaeval  coins  the  Sequin,  mentioned  so 
often  in  the  "Arabian  Nights,"  is  still  in  use.  It  origi- 


80  MAVERICK    NATIONAL    BANK. 

nated  in  Venice  and  was  called  Zecchino,  from  the  mint  at 
which  it  was  coined.  It  is  still  common  in  the  Levant. 
The  English  guinea  is  perhaps  the  finest  gold  coin  ever 
struck.  It  was  so  named  because  first  made  from  gold 
brought  from  the  Guinea  coast  in  the  reign  of  Charles  II. 

The  first  coins  made  for  American  use  were  of  brass, 
and  were  struck  in  the  Bermudas  in  1612  for  the  Virginia 
Company.  In  1652  Massachusetts  instituted  the  coinage 
of  "  pine  tree"  money.  Although  this  coinage  was  not 
discontinued  until  1086,  the  "pine  tree  shillings"  all 
bore  the  date  1652. 

In  1785  Congress  ordered  the  adoption  of  the  decimal 
system.  The  United  States  Mint  was  organized  in  1793. 
The  first  deposit  of  gold  bullion  for  coinage  was  made 
Feb.  12,  17'J5,  by  Moses  Brown,  a  merchant  of  Boston. 
It  consisted  of  gold  iugots,  amounting  to  two  thousand 
two  hundred  and  seventy-six  dollars  and  twenty-two 
cents  ($2,276.22). 

OUR  SILVKR  DOLLAR. 

Previous  to  July  6,  1785,  the  English  coinage  was  in 
common  use.  On  that  date  the  Continental  Congress 
established  the  dollar,  although  the  exact  weight  was  not 
fixed  until  Aug.  8,  1786,  when  it  was  made  to  equal 
about  that  of  the  old  Spanish  dollar.  The  dollar  did  not 
originate  with  the  Spanish,  but  was  first  coined  at  Joa- 
chaimsthal,  a  mining  town  in  Bohemia.  A  brief  history 
of  the  standard  silver  dollar  is  as  follows  :  — 

Authorized  to  bo  coined,  Act  of  April  2,  1792.  Weight,  410  grains,  standard 
•liver;  fineness,  b'J'J.4;  equivalent  to  371'«  grains  of  tine  silver,  with  44  ?«  graitu 
alloy  of  pure  copper. 


MAVERICK   NATIONAL   BANK.  81 


Weight  changed,  Act  of  Jan.  18,  1837,  to  412>£  grains,  and  fineness 
changed  to  900,  preserving  the  same  amount  of  pure  silver  =  3713^  grains,  with 
1-10  alloy. 

Coinage  discontinued,  Act  of  Feb.  12,  1873. 

Total  amount  coined,  from  1792  to  1873,  $8,045,838. 

Coinage  revived,  two  million  dollars  worth  of  silver  per  month  required  to  be 
coined,  and  issue  made  legal  tender  for  all  debts,  public  and  private,  Act  of 
Feb.  28,  1878. 

Total  amount  coined,  Feb.  28, 1878,  to  Nov.  1, 1886,  $247,131,549. 


SPECIE  IN  THE  UNITED  STATES. 

The  Director  of  the  Mint  estimated  the  gold  and 
silver  currency  in  the  United  States  on  June  30,  1879, 
the  year  of  the  resumption  of  specie  payments,  as 
follows:  Gold,  $286,490,698;  silver,  $112,050,985. 
Total,  $398,541,683. 

June  30,  1885,  the  present  Director  of  the  Mint 
estimates  that  the  coin  circulation  of  the  United  States 
aggregated  —  Gold,  $542,174,636;  silver,  $278,824,201. 
Total,  $820,998,837. 

COINAGE   OF  THE   U.  S.  MINTS,  FISCAL    YEAR   TO  JUNE 
30,  1886. 

Gold  coinage, $34,077,380  00 

Silver  coinage  —  silver  dollars,      .         .       29,838,905  00 
halves,    quarters,  and 

dimes,     .         .         .  183,442  95 

Minor  coinage  —  five,    three,    and    one 

cent  pieces,          .         .  17,377  65 


Total  coinage,        ....     $64,117,105  60 


82 


MAVERICK    NATIONAL    BANK. 


TABLE  SHOWING  THE  LEGAL  WEIGHT  AND  FINENESS  OF 
THE  COINS  OF  THE  UNITED  STATES,  AND  THEIR  DlAMETER 
AND  THICKNESS. 


Legal 
weight 
(Grains). 

Fineness 
(l.OOOths). 

Diameter 
(ZOthsof  an 
inch). 

Thickness 
(l.OOOths  of 
an  inch). 

GOLD. 

Double  eagle,  . 

510 

900 

27 

77 

Eagle,       . 

258 

900 

21 

60 

Half  eagle, 

129 

900 

17 

46 

Three  dollars,  . 

64.5 

900 

16 

34 

Quarter  eagle,  . 

77.4 

900 

15 

34 

Dollar  (new),  . 

25.8 

900 

11 

18 

SlLTBR. 

Trade  dollar,   . 

420 

000 

30 

82 

Standard  dollar, 

412.5 

900 

30 

80 

Half  dollar,      . 

192.9 

900 

24 

57 

Quarter  dollar, 

93.45 

900 

19 

45 

Tweiity  cents,  . 

77.16 

900 

17* 

47 

Dime, 

38.58 

900 

14 

32 

Half  dime, 

19.2 

900 

12 

23 

Three  cents,    . 

11.52 

900 

11 

18 

MINOR. 

Five  cents, 

77.16 

(  75#  copper,    .        .  > 
(  2">£  nickel,     .        .  i 

16 

62 

Three  cents, 

30 

i  ~jj>  copper,    .        .  / 
j  25*  nickel,     .        .  j 

14* 

34 

Two  cents, 

96 

j  95<  copper,    .         .  1 
|    5tf  tin  and  zinc,   .  | 

18 

GO 

One  cent,  . 

48 

j  9Jtf  copper,    .        .  / 
1    ii't  tin  and  zinc,   .  j 

15 

43 

THE   SPACE   REQUIRED    FOR    THE    STORAGE   OF    UNITED 
STATES  GOLD  AND  SILVER  COINS. 


DESCRIPTION. 

Amount. 

iiow  put  up. 

Space   required. 

Gold  coin, 

$1,000,000 

$5,000  In  8-oz  duck 

Nearly      17     cubic 

bag*. 

feet. 

Silver  dollars,  . 

1  ,000,000 

1,000  in  S-oz.  duck 

~2M  cubic  fe«t. 

bags. 

Subsidiary  silver,     . 

1,000,000 

1,000  in  8-oz.  duck 

IjO  cubic  feet. 

bags. 

The  space  occupied  by  a  bug  of  standard  silver  dol- 
lars, piled  in  a  mass,  is  12  inches  long,  9  wide,  and  4 
deep.  Small  silver  packs  better  than  dollars.  The 


MAVERICK   NATIONAL   BANK. 


83 


weight  of  a  thousand  dollars  in  subsidiary  silver  being 
56  ounces  less  than  that  of  an  equal  value  in  standard 
silver  dollars,  the  spaces  occupied  by  each  vary  but  little 
from  each  other. 

VALUE  OF  FOREIGN  COINS. 


Country. 

Monetary  Unit. 

Standard. 

Value  in 
U.  S. 
Money. 

Standard  Coin. 

Argentine  Rep. 

Peso  

G.andS. 

.96,5 

1-20,  1-10,  1-5,  1-2,  and 

[1  peso,  1-2  argentine 

Austria,    . 
Belgium,  . 

Florin,  .        .        .        .  Silver,    . 
Franc  G.andS. 

.35,9 
.19,3 

[and  argentine. 
5,  10,  and  20  francs 

Bolivia,     . 

Boliviano,    .        .        .Silver,    . 

.72,7 

Boliviano. 

P  -ml,       . 

Milreisof  1,000  reis,   .Gold,      . 

.54,6 

Canada,     . 

Dollar, 

Gold,      . 

$1.00 

[escudo. 

Chili, 

Peso,     .... 

G.andS. 

.91,2 

Condor,  doubloon   and 

Cuba, 

Peso  

G  and  8 

.93,2 

1-16,  1-8,  1-4,  1-2,  and  1 

doubloon. 

Denmark, 

Crown, 

Gold,      . 

.26,8 

10  and  20  crowns. 

Ecuador,  .        .Peso  

Silver, 

.72,7 

Peso.                 [piasters. 

Egypt,       .        .Piaster, 

Gold,      . 

.04,9 

5,   10,   25,   50,   and    100 

1*'  ranee,     .        .JFranc  

G  andS. 

.19,3 

5,  10,  and  20  francs. 

Germ'nEmpire;Mark,   . 

Gold,      . 

.23,8 

5,  10,  and  20  marks. 

Great  Britain,  . 

Pound  sterling,   . 

Gold,      . 

4.86,6^ 

1-2  sovereign  and  sover- 

eign. 

Greece, 

Drachma,     . 

G.andS. 

.19,3 

5,   10,   20,   50,   and    100 

drachmas. 

Hayti, 

Gourde, 

G.andS 

.96,5 

1,  2,  5,  and  10  gourdes. 

India, 

Rupee  of  16  annas, 

Silver,     . 

.34,6 

Italy, 

Lira,     . 

G.andS. 

.19,3 

5,  10,  20,  50,  and  100  lire. 

Japan, 

Yen  

Silver,    . 

.78,4 

1,  2,  6,  10,  and  20  yen, 

Liberia,     . 

Dollar, 

Gold,      . 

1.00 

[  gold  and  silver  yen. 

Mexico,     . 

Dollar, 

Silver,    . 

.79 

Peso  or  dollar,  5,  10,  25, 

Netherlands,     . 

Florin, 

G  audS. 

.40,2 

[and  50  centavo. 

Norway,  . 

Crown, 

Gold,      . 

.26,8 

10  and  20  crowns. 

Peru, 

Sol,       .        .        .        . 

Silver,    . 

.72,7 

Sol. 

Portugal,  . 

Milreia  of  1,000  reis, 

Gold,      . 

1.08 

2,  5,  and  10  milreis. 

Russia, 

Rouble  of  1UO  copecks 

Silver,    . 

.58,2 

1-4,  1-2,  and  I  rouble. 

Spain, 

Peseta  of  100  centimes 

G  andS. 

.19,3 

5,   10,   20,   60,   and    100 

pesetas 

Sweden,    . 

Crown, 

Gold,      . 

.26,8 

10  and  20  crowns. 

Switzerland,     . 

Franc,  . 

G  and  8. 

.19,3 

6,  10,  and  20  francs. 

Tripoli, 

Mahbub  of  20  piasters 

Silver,    . 

.65,6 

[piasters. 

Turkey,    . 

Piaster, 

Gold,      . 

.04',4 

25,  50,  100,  250,  and  500 

U.  8.  Colombia 

Peso,    .        .        .        . 

Silver,    . 

.72,7 

Peso.                  [bolivar. 

Venezuela, 

Bolivar, 

G.andS. 

.19,3 

5,   10,   20,   50,   and    100 

LEGAL  TENDERS  AND  BANK  NOTES. 
In  the  following  table  are  given  the  amounts  and  kinds 
of  the  outstanding  currency  of  the  United  States  and  of 
the  national  banks  on  January  1,  of  each  year,  from  1866 


84 


MAVERICK   NATIONAL   BANK. 


to  1886,  and  on  Nov.  1,  1886,  to  which  is  prefixed  the 
amount  on  Aug.  31,  1865,  when  the  public  debt  reached 
its  maximum. 

[000  omitted.] 


DATE. 

UNITED  STATES  ISSCES. 

n 

°ifs 

£  «  =  o 

SSo* 

K 

Aggregate. 

la 

3 

if 

o 

Gold  Price  of 
$100  Currency. 

Legal  Tender 
Notes. 

Old  Demand 
Notes. 

Fractional 
[  Currency. 

Aug.  31,  1865,     . 

$432,553 

$402 

$26,344 

$176,213 

$635,515 

$144  25 

$69  32 

Jan.     1,  1866,     . 

425,839 

392 

26,000 

!     236,636 

688,867 

144  50 

69  20 

Jan.     1,1867,     . 

380,278 

221 

23,732 

293,588 

707,819 

133  00 

75  13 

Jan.      1,1868,     . 

356,000 

159 

31,597 

299,846 

687,602 

133  25 

75  04 

Jan.      1,  1869,     . 

356,000 

123 

"4,215 

299,747 

690,091 

135  00 

74  07 

Jan.      1,  1870,     . 

356,000 

113 

39,762 

299,629 

095,505 

120  00 

83  33 

Jan.     1,1871,    . 

356,000 

101 

.",9,995 

306,307 

702,403 

110  75 

90  29 

Jan.     1,  1872,     . 

357,500 

92 

40,707 

328,465 

726,826 

109  50 

91  32 

Jan.      1,  1873,     . 

358,557 

84 

45,722 

344.5S2 

748,947 

112  00 

89  2s 

Jan.     1,  1874,     . 

378,401 

79 

48,544 

350,848 

777,874 

110  25 

90  70 

Jan.     1,1875,     . 

382,000 

72 

46,390 

354,123 

732,591 

112  50 

88  89 

Jan.     1,  1876,     . 

371,827 

69 

44,147 

346,479 

762,523 

112  75 

88  69 

Jan.     1,  1877,     . 

360,055 

65 

26,343 

321,595 

714,064 

107  00 

93  40 

Jan.      1,1878,     . 

349,943 

63 

17,761 

321,672 

689,443 

102  87 

97  21 

Jan.      1,  1879,     . 

348,681 

62 

16,103 

323,791 

086,642 

100  00 

100  00 

Jan.      1,  1830,     . 

340,681 

61 

15,074 

342,337 

704,804 

100  00 

100  00 

Jan.      1,  1881,     . 

346,681 

60 

15,523 

344,355 

706,620 

100  00 

100  00 

Jan.     1,  1882,     . 

346,681 

69 

15,451 

362,421 

724,014 

100  00 

100  00 

Jan.     1,1  S83,     . 

346,«81 

59 

15,398 

301  ,882 

724,021 

100  00 

100  00 

Jan.      1,  1884,     . 

346,081 

58 

15,365 

349,919 

712,054 

100  00 

100  00 

Jan.      1,  1885,     . 

340,031 

5S 

15,347 

3'**  158 

091,245 

100  00 

100  00 

Jan.     1,  1886,    . 

346,031 

57 

15,335 

317,443 

679,517 

100  00 

100  oo 

Nov.     1,  188fl,     . 

346,081 

57 

15,329 

301,529* 

00:5,597 

100  00 

100  00 

*  Includes  $296,069  notes  of  gold  banks  and  $220,599  mutilated  currency  In 
transit. 


MAVERICK   NATIONAL   BANK. 


85 


PAPER  MONEY  IN  THE  UNITED  STATES. 
The    following    table   shows,    by   denominations,   the 
amount   of   national   bank  and   legal   tender  notes  out- 
standing on  Nov.  1,  1886,  and  the  aggregate  amounts  of 
both  kinds  of  notes  at  the  same  period  in  1884  and  1885  : 


DENOMINATIONS. 

1886. 

1883. 

18*4. 

National 
liank 
Notes. 

Legal 

Tender 
Notes. 

Aggregate. 

Aggregate. 

Aggregate. 

Ones,  . 

$409,600 

$14,319,238 

$14,728,928 

$23,139,173 

$27,258,839 

Twos, 

215,426 

14,933,315 

lo,153,741 

23,472,420 

27,067,206 

Fives, 

82,790,440 

97,990,310 

180,780,750 

166,024,949 

163,363,205 

Tens,  . 

99,286,920 

71,257,924 

170,544,844 

175,214,680 

180,491,886 

Twenties,  . 

70,955,280 

56,745,463 

127,700,743 

137,028,787 

135,277,089 

Fifties, 

18,193,650 

21,698,945 

39,892,595 

43,535,145 

41,617,045 

One-hundreds,  . 

2S,667,10U 

29,232,820 

57,899,920 

61,221,790 

66,170,690 

Five-hundreds,  . 

393,000 

8,495,500 

8,888,500 

15,750,500 

16,063,500 

One-thousands, 

79,000 

32,942,500 

33,021,500 

22,041,500 

19,659,500 

Five-thousands, 

- 

50,000 

50,000 

95,000 

105,000 

Ten-thousands, 

- 

10,000 

10,000 

30,000 

60,000 

Add    for    unre- 
deemed    frag- 
ments of   Na- 
tional     Bank 
Notes, 

+22,715 

+21.8SO 

+20,749 

Deduct  for  Le- 
gal   Tender 
Notes  destroy- 
ed in  Chicago 
fire, 

Totals, 

—1,000,000 

—1,000,000 

—1,000,000 

$301,013,221 

$346,681,016 

$647,694,237 

$601,575,834 

$679,154,709 

86 


MAVERICK    NATIONAL,    BANK. 


DlSTKIBOTION    OF   THE    CURRENCY    OF   THE    UNITED    STATES. 


Nov.  1,  1888. 

Nov.  1,  1884. 

Nov.  1,  1885. 

Nov.  1.  1886. 

GOLD. 

Millions. 

Millions. 

Millions. 

Millions. 

In  Treasury,  leas  certif  B., 

157 

134 

142 

158 

In  Xat'l  Banks,  Incl.  certifs., 

97 

117 

161 

144 

In  State  Banks,  incl.  certifs., 

18 

25 

31 

24 

Total  gold, 

273 

277 

335 

327 

SILVER. 

In  Treasury,  standard  silver 

dollars,          .... 

118 

142 

163 

182 

In  Treasury,  bullion, 

4 

4 

3 

3 

lu  Treasury,  fractional  coin, 

26 

29 

22 

26 

In  National  Banks, 

10 

8 

9 

11 

Total  silver, 

157 

185 

199 

224 

PAPER  CURRENCY. 

lu  Treasury,  less  certifs., 

30 

26 

27 

30 

In  Nat'l  Banks,  incl.  certifs., 

103 

114 

111 

91 

In  Htatc  Banks,  incl    certifs., 

28 

32 

39 

14 

In  Havings  Banks,  . 

12 

14 

13 

19 

Total  currency, 

175 

187 

192 

156 

Grand  totals, 

606 

650 

727 

709 

If  the  amounts  of  gold  and  silver  coin  and  of  currency 
in  the  treasury  and  the  banks  be  deducted  from  the 
aggregate  amount  in  the  country,  the  remainder  will  be, 
approximately,  the  amounts  in  the  hands  of  the  people, 
as  follows  :  — 


CUHKKNT 

MONET. 

Nov.  1, 
1881. 

Nov.  1, 
1882. 

Nov.  1, 
1883. 

Nov.  1, 
1884. 

Nov.  1, 
1885. 

Nov  1, 
18S6. 

Gold, 

Million*. 
267 

Millions. 
306 

Millions. 
308 

Millions. 

;*>7 

Millions. 
2.')1 

Millions. 
287 

Silver,      . 

82 

80 

84 

90 

107 

107 

Paper  currency, 
ToUls, 

567 

548 

523 

492 

470 

491 

918 

936 

916 

891 

829 

876 

MAVERICK   NATIONAL    BANK.  87 

GOLD  AND  SILVER  PRODUCTION. 

The  discovery  of  America  considerably  increased  the 
quantity  of  gold,  and  immensely  increased  the  quantity 
of  silver  in  existence.  The  discovery  of  the  Russian 
gold  mines  made  that  country  at  a  later  date  the  chief 
gold-producing  nation  ;  but  this  position  was  taken  from 
her  on  the  discovery  of  the  California  and  Australia 
mines. 

The  production  of  the  precious  metals  from  the  ear- 
liest times  to  the  close  of  1886  is  estimated  at  $26.883,- 
000,000,  of  which  $14,852,000,000  is  put  down  to  gold  and 
$12,031,000,000  to  silver.  Allowing  for  loss,  the  present 
amount  is  placed  at  $13,974,000,000,  — $8,352,000,000 
gold  and  $5,622,000,000  silver. 

Of  this,  $11,000,000,000  represents  coin  and  bullion, 
and  the  remainder  watches,  plate,  jewelry,  and  ornamental 
work. 

Of  the  amount  now  in  existence,  $10,621,000,000  are 
estimated  to  have  been  obtained  from  America,  $1,618,- 
000,000  from  Asia  (including  Australia,  New  Zealand, 
and  Oceanica),  $1,089,000,000  from  Europe,  and  $646,- 
000,000  from  Africa. 

In  1885,  the  product  of  the  world  was  $226,530,000,  - 
gold   $101,526,000,  silver   $124,968,000;    of   which    the 
United  States  is  credited  with  $31,801,000  of  gold  and 
$51,600,000  of  silver,  a  total  of  $83,401,000. 

Recent  figures  give  the  product  of  the  United  States  in 
1886  as  $35,000,000  of  gold  and  $51,000,000  of  silver,  a 
total  of  $86,000,000. 


88 


MAVERICK    NATIONAL   BANK. 


GOLD  AND  SILVER  PRODUCT  OF  THE  UNITED  STATES. 


Year. 

Gold. 

Silver. 

Total. 

Year. 

Gold. 

Silver. 

Total. 

Dollars. 

Dollar*. 

Dollar*. 

Dollars. 

Dollars. 

Dollars. 

1845, 

1,008,327 

* 

1,008,327 

1867, 

51,725,000 

13,500,000 

65,225,000 

1846, 

1,239,357 

- 

1,139,357 

1868, 

48,000,000 

12,000,000 

60,000,000 

1847, 

889,085 

- 

889,085 

1869, 

49,500,000 

12,000,000 

61,500,000 

1848, 

10,000,000 

- 

10,000,000 

1870, 

50,000,000 

10,000,000 

6(5,000,000 

1849, 

40,000,000 

- 

40,000,000 

1871, 

43,500,000 

23,000,000 

6«,500,00o 

1850, 

50,000,000 

- 

50,000,000 

1872, 

36,000,000 

28,750,000 

64,750,000 

1S51, 

55,000,000 

- 

55,000,000 

1873, 

36,000,000 

35,750,000 

71,750,000 

1852, 

60,000,000 

t 

60,000,000 

1874, 

33,490,902 

37,324,594 

70,815,496 

1853, 

65,000,000 

- 

65,000,000 

1875, 

33,467,856 

31,727,560 

6.'>,195,416 

1854, 

60,000,000 

- 

60,000,000 

1876, 

39,929,160 

38,783,016 

78,712,182 

1855, 

55,000,000 

- 

55,000,'XK) 

1877, 

46,897,390 

39,793,573 

86,690,963 

1856, 

55,000,000 

- 

55,000,000 

1878, 

51,206,360 

45,281,385 

96,487,745 

1857, 

55,000,000 

- 

55,000,000 

1879, 

38.899.85S 

40,812,132 

79,711,990 

1858, 

50,000,000 

500,000 

50,500,000 

1880, 

36,000,000 

38,450,000 

74,450,000 

1859, 

50,000,000 

100,000 

50,100,000 

1881, 

34,700,000 

43,000,000 

77,700,000 

1860, 

46,000,000 

150,000 

46,150,000 

1882, 

32,500,000 

46,8110,000 

79,300,000 

1861, 

43,000,000 

2,000,000 

45,000,000    1SS3, 

30,000,000 

46,200,000 

76,200,000 

1362, 

39,200,000 

4,500,000 

43,700,000 

1884, 

30,800,000 

48,800,000 

79,600,000 

1863, 

40,000,000 

8,500,000 

48,500,000 

1885, 

31,801,000 

51,600,000 

83,401,000 

1864, 
1865 

46,100,000 
5T  '>->5  000 

11,000,00V)   57,100,000 

1886, 

35,000,000 

51,000,000 

86,000,0*0 

1866, 

53,500,000 

10,  000,000 

63,500,000 

Total, 

1,683,479,301 

748,572,260 

2,467,051,561 

*  From  1S49  to  185S,  cHtimated  product  $.50,000  per  annum 

t  The  silver  minei  of  the  United  States  were  discovered  lu  1H59. 


MAVERICK   NATIONAL   BANK. 


89 


GOLD  AND  SILVER  OF  DOMESTIC  PRODUCTION  DEPOSITED 
AT  THE  MlNTS  AND  ASSAT  OFFICES  FROM  THEIR  ORGAN- 
IZATION, IN  1793,  TO  THE  CLOSE  OF  THE  FISCAL  YEAR 
ENDING  JUNE  30,  1886. 


Locality. 

Gold. 

Silver. 

Total. 

Alabama  

$226,974  68 
263,064  17 

$64  02 
2,195  01 

$227,038  60 
265,859  18 

4.005,061  03 

13,515,770  65 

17,520,831  68 

California,  .... 
Colorado,    .... 

Dakota 

740,061,407  17 
50,087,096  25 

25  912  794  26 

3,925,546  95 
23,910,646  24 

552  639  59 

743;986,954  12 
73,997,742  49 

26  465  433  85 

Georgia  

8,415,475  79 
28  242  403  89 

3,461  54 
1  397  903  91 

8,418,937  33 
99  639  626  80 

Indiana,       .... 

40  13 
5,638  20 

22  00 

40  13 
5  660  20 

Maryland,    .... 
Massachusetts,    . 
Michigan,    .... 
Montana,     . 

4,848  57 

23,029  71 
57,942,047  01 

3  24 
917  56 
3,629,325  39 
13,588,327  90 

4,851  81 
917  56 
3,652,355  10 
71,530,374  91 

Nebraska  
Nevada,       .... 
Xew  Hampshire, 
New  Mexico, 

North  Carolina,  . 

651  63 
23,402,999  35 
11,020  55 
2,434,412  84 
11,0(58,347  20 

6  18 
92,818,836  47 

5,555,100  10 
49,179  87 

657  81 
116,221,835  82 
11,020  55 
7,989,512  94 
11,117,527  07 

Oregon,        .... 

18,747,932  24 

60,386  62 

18,808,318  86 

Pennsylvania, 

1,138  34 

2,588  47 

3,726  81 

South  Carolina,  . 

1,599,890  33 

1,244  70 

1,601,135  03 

Tennessee  
Texas,          .... 

87,665  93 
2,147  40 

10  15 
2,739  03 

87,676  08 
4,886  43 

Utah  

783,343  95 

18,973,228  37 

19,756,572  32 

Vermont  
Virginia,      .... 

85,598  21 
1,715,578  01 

49  94 
222  29 

85,648  15 
1,715,800  30 

Washington  Territory, 
Wyoming,  .... 

398,181  95 
753,768  86 

1,772  97 
12,126  16 

399,954  92 
765,895  02 

Other  sources,  or  not  re- 
ported,     .... 

37,169,366  65 

41,793,414  43 

78,962,781  08 

Total  unrefined,  . 
Rt-  fined  bullion,  . 

$1,013,452,524  20 
288,183,599  24 

$219,797,048  75 
165,984,502  64 

$1,233,249,572  95 
454,168,101  88 

Grand  Total, 

$1,301,636,123  44 

$385,781,551  39 

$1,687,417,674  83 

90 


MAVERICK    NATIONAL    BANK. 


GOLD  AND  SILVER  PRODUCTION  OF  THE  UNITED  STATES, 
CALENDAR  YEAR,   1885. 


State  or  Territory. 

Gold. 

Silver. 

Total. 

Alaska,          .                ....'. 

$300  000 

$•>  000 

$302  000 

Arizona,        
California,     

880,000 

3,800,000 
2  ?00  000 

4,680,000 
15  '200  0<K) 

Colorado  
Dakota,          

4,200,000 
3,200  000 

15,800.000 
100  000 

20,000.000 
3  300  000 

Georgia  
Idaho  
Montana,        
Nevada,          ....... 

i:«5,ooo 

1,800.000 
3.300.000 
3,100,000 

3.f.oo.ooo 

10,060,000 
6  000,000 

36,00(1 
5,?.rio,ooo 

13.3fiO.COO 

9,100  IMMI 

New  Mexico,         ...... 

800,000 

3,000,000 

3  800  01  HI 

North  Carolina,    
Oregon,          
South  Carolina,    
Utah  
Washington,          .                 ... 
Texas,    Alabama,     TennoKwi-o,    Virginia, 
Vermont,  Michigan,  and  Wyoming, 

l.r>2,000 
800,000 
43.1)1)0 
IS'l.OOO 
1:20,000 

90,000 

3,000 
10,000 

6,750,000 
70,000 

6,000 

1^5,000 
810,00 
43.000 
0.930,000 
190.000 

95,000 

Total  (Mint  Director's  Estimate;, 


$31,801,000  -$51,600,000   ,    $83,401,000 


THE  RATIO  OF  SILVER  TO  GOLD. 

In  1687  the  ratio  of  silver  to  gold  was  as  11.04  to  1. 
In  1702  the  silver  ratio,  to  gold  as  a  unit,  stood  15.52. 
In  1760  it  was  at  14.14,  the  highest  silver  value  during 
the  past  two  hundred  years.  The  ratio  in  later  years  has 
been  :  — 


YCAK. 

Ratio. 

VKAR. 

Ratio. 

1800,    

IS.tVS 

1880  

18.05 

1813,   

10.25 

1SH1  

1X.18 

1874  
1876,    

lfl.17 

17  88 

1S82  
ISS.'i  

18.19 

18.04 

1878  

17.94 

1KH4,          

18.67 

1879  

18.40 

1885, 

19.41 

' 

CHAPTER     VIII. 


BANK   CLEARING   HOUSES. 


History.  —  The  United  States  Clearing  Hou BBS.  —  Number  of  Banks  repre- 
sented.—  Managers.  —  Exchanges,  1885  and  1886.  —  Four  Months  of  1887 
compared  with  1886.  —  New  York  Clearances,  by  Years.  —  History  of  the 
Boston  Clearing  House.  — Its  Exchanges,  by  Years. — Clearances  of  the 
World. 

HISTORY. 

The  bank  clearing-house  system  was  first  established 
in  London  in  the  latter  part  of  the  last  century.  We  find 
that  in  1775  the  London  banks  used  a  room  in  Lombard 
Street  for  exchanging  checks  and  securities,  reducing 
thereby  the  amounts  of  actual  money  used  in  settlements. 
But  as  early  as  177.3  there  is  a  record  in  the  books  of 
Messrs.  Martin  &  Co.  which  reads,  "  Quarterly  charge 
for  use  of  clearing  room,  19s.  6d."  The  record  of  the 
London  clearing  house  is  very  meagre.  Few  data  of 
the  transactions  previous  to  as  late  as  1840  can  be 
obtained,  though  we  know  that  in  1810  there  was  a 
London  clearing  house  representing  forty-six  banks. 

The  New  York  Clearing-House  Association  was 
organized  with  fifty-five  banks,  representing  an  aggre- 
gate capital  of  $47,000,000,  Oct.  3,  1853,  and  it  began 
operations  Oct.  11,  1853.  The  perfect  record  kept  by 
this  institution  has  induced  the  London  and  other  clear- 
ing-house associations  to  preserve  details  of  their  trans- 
actions. 


92  MAVERICK    NATIONAL   BANK. 

It  is  probable  that  the  bank  clearing  houses  in  the 
United  States  (aggregating  thirty-three  and  representing 
five  hundred  and  thirty  banks)  exceed  in  number  the 
clearing  houses  throughout  Great  Britain  and  Europe. 

It  is  a  noteworthy  fact  that  the  New  York  clearing 
house  has  had,  in  an  existence  of  thirty-four  years,  but 
two  managers,  —  Mr.  George  D.  Lyman,  manager  until 
1864,  and  Mr.  William  A.  Camp,  manager  since  that  time. 
The  clearing-house  building  is  No.  14  Pine  Street,  and 
the  property  is  owned  by  the  associated  banks.  The 
largest  exchanges  ever  settled  here  in  any  one  day 
were  on  Feb.  28,  1881,  and  amounted  to  $295,822,422, 
and  the  smallest  exchanges  in  any  one  day  since  the 
organization  were  on  Oct.  30,  1857,  and  amounted 
to  only  $8,357,394.  Feb.  28,  1881,  one  bank  brought 
for  clearing  exchanges  amounting  to  831,772,391. 

The  following  table  will  show  the  number  of  clearing 
houses  in  the  United  Stales,  the  date  of  organization,  the 
number  of  banks  represented,  the  managers,  and  the 
comparative  exchanges  in  1885  and  1886  :  — 


MAVERICK    NATIONAL    BANK. 


93 


No. 

Clearing  House. 

When  Organ- 
ised. 

Number  of 
Banks. 

Manager. 

Exchanges 
in 
Millions, 
1886. 

Exchanges 
in 
Millions, 
1885. 

1 

New  York, 

1853 

64 

William  A.  Camp,  . 

$34,000 

$28,000 

2 

Boston, 

1856 

52 

N.  G.  Snelling, 

4,095 

3,490 

3 

Philadelphia, 

1858 

37 

John  C.  Boyd, 

2,912 

2,380 

4 

Chicago,    . 

1865 

21 

A.  P.  Smith,    . 

2,604 

2,318 

5 

St.  Louis,  . 

1868 

19 

Kdward  Chase, 

810 

759 

8 

Baltimore, 

1858 

23 

William  H.  Welle,  . 

616 

582 

7 

San  Francisco, 

1876 

16 

Charles  Sleeper, 

642 

562 

8 

Pittsburgh, 

1866 

19 

J.  M.  Chaplin, 

409 

356 

9 

New  Orleans, 

1872 

12 

Isaac  N.  Maynard,  . 

387 

385 

10 

Cincinnati, 

1866 

20 

William  D.  Duble, 

514 

445 

11 

Providence, 

1866 

35 

J.  W.  Vernon, 

233 

216 

12 

Louisville, 

1876 

21 

Clinton  McClarty,  . 

233 

218 

13 

Milwaukee, 

1868 

10 

F.  L.  Baker,    . 

198 

186 

14 

Detroit,     . 

1883 

15 

F.  W.  Hayes, 

106 

142 

15 

Cleveland, 

1858 

10 

Louis  Smies,   . 

130 

104 

16 

Indianapolis, 

1871 

7 

W.  W.  Woilen,       . 

91 

66 

17 

Kansas  City, 

1873 

10 

Cyrus  S.  Ilawley,  . 

285 

224 

18 

Hartford,  . 

1872 

15 

George  F.  Hills,     . 

87 

81 

19 

New  Haven, 

1872 

10 

J  C.  Bradley, 

58 

55 

20 

Columbus, 

1868 

15 

John  Field, 

92 

69 

21 

Memphis,  . 

1869 

8 

E.  Goldsmith, 

83 

68 

22 

Peoria, 

1880 

9 

B   B.  Blossom, 

40 

41 

23 

Worcester, 

1861 

8 

L.  W.  Hammond,  . 

44 

39 

24 

Springfield, 

1872 

10 

Arthur  B.  West,     . 

42 

33 

25 

Lowell, 

1876 

7 

G   W   Knowlton,  . 

27 

24 

26 

Syracuse,  . 

1874 

8 

G.  F   L.  Car,  . 

26 

26 

27 

Portland,  . 

1865 

6 

W.  TI.  Hobbs, 

48 

46 

23 

Omaha, 

1884 

6 

W.  II.  8.  Hughes,  . 

188 

123 

29 

St.  Joseph, 

1877 

5 

•John  T.  Johnson,  . 

48 

36 

30 

Denver, 

1885 

7 

William  D.  Dodd,  . 

171 

New 

31 

Galveston, 

1885 

7 

N.  B   Sligh,     . 

71 

New. 

32 

St.  Paul,    . 

1874 

13 

H   P.  Upham, 

154 

118 

33 

Minneapolis, 

- 

13 

W.  E.  Burwell,       . 

164 

125 

533 

$49,346 

$41,461 

The  exchanges  of  1886  increased  over  1885  by  $7, 884,- 
947,365,  or  by  19  per  cent. 

The  clearances  of  New  York  City  were  66  per  cent,  of  the 
1885  clearances,  and  69  per  cent,  of  the  1886  clearances. 

For  the  first  four  months  of  1887  the  clearances  of  thirty -five 

cities  aggregated $16,914,758,8:3 

Same  period  in  1SS6 15,773,391,193 


Increase $1,141,367,660 

Increase,  per  cent., 7.2 

The  yearly  exchanges  at  New  York,  expressed  in  mil- 
lions of  dollars,  have  been  as  follows  :  — 


MAVERICK    NATIONAL    RANK. 


NEW  YORK  CLEARING-HOUSE  EXCHANGES. 


Yenr  end- 
ing Sept.  30. 

No.  of 

Hunks. 

Ex  changes  in 
Millions. 

Year  cnd- 
liiK  Sept.  30. 

No.  ,,f 
Haiikt. 

Exchanges  In 
Millions. 

1854 

60 

$5,750 

1871 

62 

29,300 

1855 

48 

5,362 

1872 

61 

33,844 

1858 

50 

6,906 

1873 

59 

35,461 

1857 

50 

8,333 

1874 

59 

22,855 

1858 

46 

4,756 

1875 

59 

25,061 

1859 

47 

6,448 

1876 

59 

21,597 

1860 

50 

7,231 

1877 

58 

23,  -'89 

1861 

50 

5,915 

1878 

57 

22,508 

1862 

50 

6,871 

1879 

59 

25,178 

1863 

50 

14,867 

1880 

57 

37,182 

1864 

49 

24,097 

1881 

60 

48,56.-) 

1865 

55 

26,032 

1882 

61 

46.5.V2 

1866 

58 

28,717 

1883 

63 

40,29.! 

1867 

58 

28,675 

1*}84 

61 

34,092 

1868 

59 

28,484 

1S85 

64 

25,2.'JO 

1869 

69 

37t407 

1886 

64 

33,374 

1S70 

61 

27,804 

From  the  resumption  of  specie  payments  in  1879,  to 
Oct.  1,  1SSO,  S:MO,;V.KS,()()0  iii  gold  <-oin  was  paid  in 
balances,  weighing  about  o.">9  tons  of  '2, '210  pounds  ;  in  the 
year  ending  Oct.  1,  1KS1,  there  was  paid  8:572.419,000 
in  gold  coin,  weighing  altotit  (>17  tons  of  2,2-10  pounds; 
in  the  year  to  Oct.  1,  1882,  $2.~>(),;V>0,(MO  gold  coin, 
weighing  aliout  -121  tons.  Since  Oct.  4,  1SS2,  the  flov- 
orninent  lias  issued  I'nited  States  <jold  certificates,  and 
little  or  no  gold  coin  is  now  used  in  the  settlement  of 
daily  balances. 

The  largest  amount  of  gold  coin  received  in  any  out- 
day  since  organisation,  in  settlement  of  balances,  \vas  on 
the  llth  of  Nov.'inber,  1«7'.>,  vix..  §M, :}!">, ():)(),  weighing 
about  1/H  tons  of  2,000  pounds. 

In  January,  1  S.S7,  there  were  forty-live  N;ttional  bunks 
in  the  city  of  \e\v  York,  with  8 1  .~>,1.">0,000  capital  and 
$37,  f!!)a,  loo  surplus;  n-.-t  deposits,  8319,212,100  ;  loans 
and  discounts,  82")  1,1'!1  ,sn().  There  were  also  twenty- 
eight  State  banks,  with  §1  :!,*(}:>, 700  capital  and  8«,01>7,200 
surplus;  net  deposits,  877,837,200,  and  loans  873,761,- 


MAVEU1CK    NATIONAL   BANK.  95 

100.  The  whole  number  of  banks  in  the  city  of  New 
York  is  (73)  seventy- three  (National  and  State),  with 
aggregate  capital  and  surplus,  $104,803,000  ;  net  deposits, 
$397,049,300,  and  loans  and  discounts,  $327,922,900. 


TIIK  BOSTON  CLEARING  HOUSE. 

The  Boston  clearing  house  was  opened  March  29, 
1856.  Messrs.  Haven,  Hall,  Lamb,  Bates,  and  other 
prominent  bank  presidents  were  instrumental  in  forming 
the  association,  which  included  twenty-seven  banks.  The 
first  officers  were  Franklin  Haven,  president,  and  Wil- 
liam Thomas,  secretary.  Henry  B.  Groves  was  chosen 
manager.  The  first  day's  exchanges  were  82,780,440. 

Mr.  Groves  continued  manager  until  his  death  in  1877, 
when  he  was  succeeded  by  Mr.  Nathaniel  G.  Snelliug, 
the  present  manager,  who  had  been  assistant  manager 
since  1861.  The  number  of  banks  in  the  association 
is  now  fifty-two,  representing  a  combined  capital  of 
$f>0,500,000.  The  operations  of  twenty-four  outside 
banks  in  the  vicinity  of  Boston  are  also  embraced.  The 
latter,  under  the  constitution,  must  pay  toward  the 
expenses  of  the  clearing  house  a  sum  to  be  annually 
fixed  by  the  committee.  No  failure  has  ever  occurred 
among  the  associated  Boston  banks,  although  the  Metrop- 
olis discontinued  business  many  years  ago 

The  system  is  about  the  same  as  in  New  York.  The 
clearing  hour  is  10  A.  M.  ;  messengers  complete  the 
delivery  of  their  packages  in  five  minutes.  Thirty  min- 
utes are  allowed  for  the  proof  and  for  delivering  check 
tickets  ;  and  for  each  delay  of  fifteen  minutes  beyond 
that  time  a  fine  of  two  dollars  is  imposed.  Debtor 
banks  must  pay  balances  by  12.1;")  i>.  M.  ;  and  the  cred- 
itor banks  receive  them  at  1.30.  Balances  are  usually 
paid  in  certificates.  Under  the  constitution  one  of  the 


96 


MAVERICK    NATIONAL    BANK. 


associated  banks  is  a  depository  of  United  States  gold 
certificates,  against  which  clearing-house  certificates  may 
be  issued.  Should  a  bank  default  in  paying  balances, 
any  other  bank  responding  to  the  manager's  requisition 
for  the  deficiency  may  have  its  exchanges  with  the  former 
bank  cancelled,  and  be  restored  to  its  position  before 
the  exchange  was  made.  Weekly  statements  are  re- 
quired from  all  banks.  Porters  and  clerks  in  the  clear- 
ing house,  as  well  as  manager,  must  give  bonds. 

The  present  officers  of  the  association,  elected  April 
11,  1887,  are  as  follows:  Chairman*  James  II.  Heal ; 
Secretary  and  Manager,  Nathaniel  G.  Snelling ;  Com- 
mittee, Reuben  K.  Demmon,  Charles  0.  Billings,  George 
Ripley,  George  K.  Mullens,  and  W.  S.  HlaiK'hanl. 

The  following  table  shows  the  total  yearly  exchanges 
from  March  29,  1856,  to  April  1,  1877  :  — 


YEAR  ENDING  — 

YKAK  ENDING  — 

April    1,1857,     .        .      $1,415,923,238 

April    1,  1873, 

$2,674,843,559 

1858,      .         .         1,288,618,000 

1874, 

2,569,657,757 

1859,     . 

1,263,557,000 

1875, 

2,516,  166,339 

I860,      . 

1,454,313,000 

1876, 

2,449,279,426 

1861,      . 

1,504,697,000 

1877, 

2,300,099,683 

186-2,      . 

1,170,478,000 

1878, 

2,313,884,072 

1863,      . 

1,555,774,874 

1879, 

2,243,804,716 

1864,      . 

1,840,718,000 

1880, 

2,953,818,031 

186f),      . 

2,445,984,000 

1881, 

3,455,987,062 

1866,      . 

2,257,366,000 

1882, 

4,128,524,974 

1867,      . 

2,199,979,715 

1883, 

3,632,  S53.311 

1868,      . 

1,870,339,804 

1884, 

3,442,688,762 

1869.      . 

2,051,791,420 

1885, 

3,312,459,804 

1870,     . 

2,139,143,244 

1886, 

3.721,676,952 

1871,     .        .        2,168,974,696 

1887. 

4.128.383.064 

1872,     .        .        2,495,774,86« 

The  decrease  in  1868  was  due  to  the  contraction 
of  currency  by  the  withdrawal  of  legal  tender  notes 
under  the  Act  of  1866.  This  measure,  as  generally 
interpreted,  had  the  effect  of  lowering  values  and  lessen- 
ing the  volume  of  business. 


MAVERICK   NATIONAL    BANK. 


97 


CLRARING-HotJSK    EXCHANGES    OP    THE    WORLD. 

[Foreign  money  reduced  to  dollar*.] 


STATB 
OR  COUNTRT. 

Location. 

Pate. 

Amount. 

New  York, 
Massachusetts, 
Pennsylvania,  . 
Illinois,     . 

England,1 

France,3   . 
Austria,"  . 
Germany,1 

Italy,*       . 

Australia,1 

New  York  City  (63  banks)  ,      . 
Boston  (52  banks'),     . 
Philadelphia  (37  banks),    . 
Chicago  (20  banks),    . 
Other^cities  (27)  of  the  United 
States  (335  banks), 

Total  IT.  8.  (507  banks),      . 

London,        
London  (country  clearings), 
Manchester,          .... 
Newcastle-on-Tyne,    . 

Total  England,     . 
Paris,    
Vienna  

Hamburg,     
Berlin,  
Frankfort 

Oct.  1, 
Oct.  1, 
Oct.  1, 
Oct.  1, 

Oct.  1, 

Jan.  1, 
Jan  .  1  , 
Jan.  ], 
Jan.  1, 

Jan.  1, 
Jan.  1, 

Jan.  1, 
Jan.  1, 

1886, 
18%, 
1836, 
1886, 

1886, 

1886, 
1886, 
1886, 
18S6, 

1886, 
1886, 

1886, 
1886, 
1886, 
1886, 

$33,374,682,216 
4,008,565,266 
2,785,875,450 
2,560,369,272 

5,482,151,507 

$48,211,643,771 

$26,816.871,486 
2,072,916,000 
543,975,979 
155,843,382 

$29,589,606,847 
$768,747,832 
$1,771,138,171 

$1,249,070,196 
728,374,96-2 
481,658,088 
133,711,018 

Jan.  1, 

Bremen,       
Leipsic  
Stuttgart,     
Breslau,        
Dresden,       

Total  Germany,   . 

Milan  
Six  other  Italian  clearing  houses. 

Total  Italy,  .... 

Jan.  1, 
Jan   1, 
Jan.  1, 
Jan.  1, 

Jan   1, 

Jan.  1, 

Jan.  1, 

1886, 
1SSG, 
1886, 
1886, 
1886, 

1886, 
1S86, 

165,311,706 
83,122.666 
72,212,128 
53,730,713 
20,765,904 

$2,987,957,981 

$79,395,481 
35,461,306 

$114,856,787 
$813,057,891 

Melbourne  

Jan.  1, 

1886, 

1  £  at  $4.86,  6.  »  Franc  at  19.3  cents. 

«  Mark  at  23.8  cents.      »  Lira  at  19.3  cents. 


Florin  at  39.3  cent*. 


CHAPTER    IX. 


RAILROADS. 


The  Development  of  the  Locomotive  and  the  Railway.  —  Statistics  of  United 
States  Railroads.  —  Speed  of  Trains  —  Ilailroad  <,'redits.  —  Street  Railways 
of  the  World.  —  The  Interstate  and  State  Railroad  Commissioners. 


THK    DEVELOPMENT   OF   THE    LOCOMOTIVE    AND   THE 
RAILWAY. 

The  first  railway  locomotive  was  I>ui1t  by  Richard 
Trevithick  in  England  in  IrtOl.  Its  performance  at  the 
first  trial  was  to  draw  ten  tons  of  bar  iron,  besides 
its  fuel,  water,  and  the  necessary  carriages,  for  a 
distance  of  nine  miles  at  the  rate  of  five  anil  one-half 
miles  per  hour. 

Amid  absurd  notions  opposing  the  introduction  of 
steam  railroads  the  locomotive  became  a  practical  success, 
and  at  the  opening  of  the  Hexham  and  Newcastle  road, 
in  182"),  the  number  one  engine  was  run,  drawing  six 
wagons  of  coal,  a  covered  coach  for  directors,  twenty-one 
coal  wagons  full  of  passengers,  and  after  these  six  more 
loaded  coal  wagons. 

The  act  for  the  building  of  the  Stockton  and  Darlington 
Railway  was  passed  in  1821,  it  being  the  intention  of  the 
company  to  use  animal  power.  It  was  opened  Sept.  28, 


MAVERICK   NATIONAL    BANK. 


1825,  with  a  locomotive  engine  driven  by  Stephenson 
himself,  a  signal-man  riding  on  horseback  in  advance. 
The  locomotive  drew  thirty-fonr  cars,  weighing  in  all 
ninety  tons,  at  ten  to  twelve  miles  per  hour,  and  at  a 
maximum  speed  of  fifteen  miles  upon  favorable  sections 
of  the  road.  In  1827,  this  railway  had  four  locomotives 
of  six  horse  power  each,  and  two  stationary  engines,  to 
aid  in  passing  two  hills.  Each  engine  drew,  besides 
tender,  fuel,  and  water,  twenty-  four  iron  wagons,  each 
weighing  twenty-three  hundred  weight  and  each  carrying 
fifty-three  hundred  weight  of  coal,  a  total  train  weight 
of  ninety-five  tons,  at  a  speed  of  four  miles  per  hour. 

The  "  Rocket,  "  which  won  the  prize  at  the  competition 
trial  on  the  8th  of  October,  1829,  with  fifty  pounds  steam 
pressure  to  the  square  inch  in  the  boiler,  drew  about 
thirteen  tons  weight  at  an  average  speed  of  fifteen  miles 
per  hour,  the  maximum  being  twenty-nine  miles.  Its 
success  was  due  to  the  introduction  of  the  tubular  prin- 
ciple in  the  boiler,  an  improvement  by  which  the  much- 
needed  heating  surface  was  greatly  increased. 

Since  this  period  scarcely  any  new  principles  of  impor- 
iance  have  been  introduced  in  the  locomotive. 

In  1826,  the  year  the  Erie  Canal  was  opened,  the  first 
railroad,  or  rather  tram  road,  was  built  at  Quincy,  Mass. 
It  was  operated  by  horse  power  and  stationary  engines, 
and  was  used  to  haul  granite  for  the  building  of  Bunker 
Hill  Monument.  It  extended  from  the  granite  quarries 
to  the  Neponset  River,  and  was  a  little  less  than  three 
miles  long.  It  antedated  the  actual  running  of  the  first 
locomotive  by  about  two  years.  Not  until  1871  did  it 
become  a  portion  of  an  actual  railroad. 

The  first  railroad  constructed  for  the  transportation 
of  passengers  and  freight  was  begun  by  the  Baltimore 
and  Ohio  Company,  July  4,  1828.  The  South  Carolina 


100  MAVERICK    NATIONAL    BANK. 

road  was  begun  in  1830  and  opened  in  1833,  for 
its  whole  length  of  135  miles,  being  at  that  time  the 
longest  continuous  line  in  the  world.  The  Mohawk  and 
Hudson,  since  a  portion  of  the  New  York  Central,  was 
begun  in  1830,  17  miles  being  opened  in  1831.  The 
Saratoga  and  Schenectady,  21£  miles,  was  opened  in 
1832. 

In  Massachusetts,  the  Boston  and  Worcester,  44  miles  ; 
the  Boston  and  Providence,  41  miles;  and  the  Boston 
and  Lowell,  26  miles,  were  opened  in  1835. 

At  the  end  of  1835  the  total  length  of  lines  in  the 
United  States  was  1,098  miles. 

Railroads  have  been  built  in  different  countries,  as 
follows  :  In  France,  tramways  were  used  in  1826,  and 
plans  made  for  the  development  of  a  railroad  system  in 
1833,  but  not  practically  carried  out  until  1857  ;  Germany 
built  its  first  line  in  1835  ;  Austria-Hungary  chartered  a 
line  in  1824  and  opened  it  in  1828,  but  railroads  were  not 
encouraged  by  the  government  until  1838;  Holland 
opened  its  first  railroad  in  1840;  India,  in  1845;  Spain, 
in  1848;  Brazil,  iu  1850;  Chili,  1850;  Russia  opened  its 
first  important  railroad,  that  between  St.  Petersburg 
and  Moscow,  in  1851  ;  Peru,  in  1852 ;  Portugal,  in 
1853;  Canada  opened  its  first  line,  the  Grand  Trunk, 
between  Portland  and  Montreal,  in  1853  ;  Australia,  in 
1855;  Colombia,  the  Panama  railroad,  in  1855;  Egypt, 
in  1856;  Italy,  in  1800;  Turkey,  in  I860;  Switzerland 
opened  its  first  line,  the  St.  Gothard,  May  22,  1882; 
Mexico,  the  Mexican  Railway,  in  1865  ;  and  China,  in 
1876. 


MAVERICK   NATIONAL    BANK. 


101 


THE  RAILROADS  OF  THE  WORLD,  JAN.  1,  1886. 


COUNTRIES. 

Miles. 

CO0NTBIBS. 

Miles. 

1  .  NORTH    $ 

AM  ERIC  A.  ) 

United  States('87), 
Canada, 
Mexico, 

137,615 
10,150 
3,703 

( 

Portugal, 
Roumania,   . 
Russia, 

1,039 
1,045 
16,502 

. 

4.  EUROPE.  1 

Servia,  . 

239 

Total, 

North  America,   . 

151,468 

Continued.  ' 

Spain,  . 

5,600 

1 

Sweden, 

4,091 

f 

Costa  Rica,  . 

110 

Switzerland, 

1,879 

Cuba  (Spanish)    . 

871 

I 

Turkey, 

920 

Guatemala,  . 

112 



2.  MIDDLE  1 

Honduras,     . 

69 

Total, 

Europe, 

123,526 

AMERICA,  j 

Jamaica  (British), 

67 

Nicaragua,    . 

99 

f 

Ceylon  (British), 

178 

Salvador, 

54 

China,  . 

8 

Trinidad, 

51 

India  (British),  . 

12,376 

Total, 

Middle  America,  . 

|5.  ASIA,     .< 

Japan,  . 
Java  (Dutch),     . 

346 
3,498 

1,433 

Philippines 

Argentine  Repub., 

4,150 

(Spanish), 

279 

Bolivia, 
Brazil 

81 

Q    Qf\(\ 

I 

Turkey  in  Asia,  . 

250 

Chili,  '  !        '        '. 

O|OUU 

1,414 

Total,     . 

Asia,     . 

16,935 

3.  SOUTH 
AMERICA/ 

Colombia,  U.S  of, 
(Ecuador, 
Guiana  (British), 

151 

76 
21 

[ 

Algeria  (French), 
Cape  Colony, 

1,049 
1,646 

Paraguay, 

45 

Kgypt,  . 

1,276 

Peru, 

1,600  :6.  AFRICA  4 

Mauritius, 

66 

Uruguay, 

208 

Namaqualand, 

95 

Venezuela,    . 

102 

Natal  (British),  . 

116 

Trttal 

— 

1. 

Tunis,  . 

258 

Olal, 

bouth  ^Ymerica, 

11,1  VO 

Total,     . 

Africa, 

4,506 

' 

Austria-Hungary,  j  14,301 

Belgium, 

2,711 

f 

N.  South  Wales, 

1,852 

Bulgaria, 

140 

New  Zealand, 

1.591 

Denmark, 

1,208;.,    ArTQ 

Queensland, 

1,407 

Finland, 

1,132 

1  •    ^VU^-                  i 

South   Australia, 

1,211 

France, 

20,144 

TRALASIA.  | 

Tasmania,   . 

257 

4.fEUUOPB.< 

Germany, 
Great  Britain  and 

2fi,287 

I 

Victoria, 
West'n  Australia, 

1,680 
124 

Ireland 

19  169 

Greece, 

'3-24 

Total,     . 

Australasia, 

8,122 

Italy,     . 

8,167 

Luxemburg, 

249  j 

Hawaii, 

32 

Netherlands, 

1,407 

I 

Norway, 

972 

GRAND  T'L, 

317,698 

102 


MAVERICK    NATIONAL    BANK. 


COMPARATIVE  STATISTICS  OF  AMERICAN  RAILWAYS. 
1871-1886. 

[From  Poor'*  Manual  of  the  Railroads  of  the  United  Bute*.] 


Miles 
Oper- 
ated. 


Capital 
and  Funded 

Debt. 
(Stock  ii  nd 

Bonds.) 


From 
Freight 


Dividends 
I'aid. 


1871, 
1872, 
1873, 
1874, 
187ft, 
1876, 
1877, 
187S, 
1879, 
1880, 
1881, 
1882, 
18S3, 
1884, 
1885, 


44,614  2,664,6-27,645 


403,329,208  141,746,404  294,430.322  108,898,886 


57,52:i  3,159,423,057  465,241,055  165,754,373  340,931, 78.j  132,309,270 
526,419,935  183,810,562,389,035,508  137.384,42: 


$ 
66,456,681 

64,418,157 
67,120,7(19 

69,273  4,221,763,594  520,466,016  189,570,958  379,466,935  140,9'.I9,0>>1    67,042,942 
71,759  4,415,631,030  503,065,505  185,506,438  368,960,2:54  l:;y,10.>,271    74.294.20S 

73.50S  4,468,591,935497,257,959  186,452,752,361,137,376  136,120,5*5    68,039,6T,8 

I  II 

'4,1124,56S,.r>97,248  472,909,272  170,976,697  342,859,222  130,0.'.o,050,  58,506,312 

I  I  !  I  I  I 

78,96014,539,948,793400,103,351  187,575,167365,466,001  124,637,290    53,629,368 

!  !  i  !  i  i 

82,22:!  4,762,506,010  529,012,999  219,916,724  386.676.10S  142,336,191    61,681,470 

I  I  I  I  I 

:  84,225'4,897,401, 997  615,401 ,931  255,193,436467,748,928147,653,003    77,115,411 

i  I  I  i 

!  94,4866,055,798,78572.1,325,119276,654,119,551,968,477  173,356,642!  93,344,200 

|  III 

107,1586,745,579,147  770,356,716310,682,877  506,367,247  202,140,775  102,031,434 

I  I  I  I  !  ! 

.110,414  7,208,940,497  823,772,924  298,367,285  549,756,695  215,287.824  102,052,543 

i  I  !  i  •  i 

115,672  7,431,732,458  77U,rt84,9oS  26.8.064,496  506,925,375  2US.300.940    93.244.83r> 

!  III!1 

123,320  7,583,424,898  772,5(>8,833  269,493,0:!!  519,690,992  200,883,911    77,672,105 


STMMART  STATISTICS  OF  TUB  UNITED  STATUS   RAILWAYS  JAN.  1, 
188(1  —  AVERAGES. 

For  each  100  miles  of  railroad  operated  in  the  United  Slates  there  are  21  03 
locomotives;  14.02  passenger  earn;  5.30  baggage,  mail,  and  express  cars;  and 
653  freight  cars  of  nil  kinds. 

The  capital  stock  aggregates  to  each  mile  of  completed  road,  $29,867. 

Homlcd  <lcl)t  to  each  mile  of  completed  road,  $29,453. 

Total  cost  of  construction  und  equipment,  each  mile,  $55,059. 

(Irons  earnings  per  mile  of  road  in  operation,  $ii,2C5. 

Net  earnings  per  mile  of  road  in  operation,  $J,I85 

Interest  jiaid  on  bonds  per  mile  of  completed  road,  $1,406.73. 

Dividends  paid  on  stock  per  mile  of  completed  road,  $608.10 

Katio  of  Interest  paid  to  total  funded  debt,  4.77  per  cent. 

Ratio  of  dividends  to  aggregate  capital  stock,  2.02  per  cent. 

Average  fare  per  mile,  2.20  cents 

Average  freight  charge  per  ton,  1.05  cents  per  mile. 

Total  number  of  pannengerii  transported  In  1885,  351,427,088. 

T"t»l  fri-u'ht  transported  on  all  railroad*  in  1S85,  437.0*0,099  tons. 


MAVERICK    NATIONAL    BANK. 


103 


STATEMENT  SHOWING  THE  NUMBER  OF  MILES  OF  RAILROAD 
CONSTRUCTED  EACH  YEAR  IN  THE  UNITED  STATES,  FROM 
1830  TO  THE  CLOSE  OF  1886. 


VlAR. 

Miles 
in  Oper- 
ation. 

Annual 
Increase 
of 

Mileage. 

YEAR. 

Miles 
in  Oper- 
ation. 

Annual 
Increase 
of 
Mileage 

YEAR. 

Miles 
in  Oper- 
ation. 

Annual 
Increase 
of 
Mileage. 

1830,      . 

23 

- 

1849,   . 

7,365 

1,369 

1868,   . 

42,229 

2,979 

1831,      . 

95 

72 

1850,   . 

9,021 

1,656 

1869,    . 

46,844 

4,615 

1832,      . 

229 

134 

1851,   . 

10,982 

1,961 

1870,   . 

52,914 

6,070 

1833,      . 

380 

151 

1852,   . 

12,908 

1,926 

1871,   . 

60,293 

7,379 

1834,      . 

633 

253 

1853,    . 

15,360 

2,452 

1872,   . 

66,171 

5,878 

1835,      . 

1,098 

465 

1854,   . 

16,720 

1,360 

1873,    . 

70,268 

4,097 

1836,      . 

1,273 

175 

1855,   . 

18,374 

1,654 

1874,   . 

72,385 

2,117 

1837,      . 

1,497 

224 

1856,   . 

22,016 

3,647 

1875,   . 

74,096 

1,711 

1838,      . 

1,913 

416 

1857,   . 

24,50.3 

2,647 

1876,   . 

76,808 

2,712 

1839,      . 

2,802 

389 

1858,   . 

26,868 

2,465 

1877,    . 

79,088 

2,280 

1840,      . 

2,818 

516 

1859,   . 

28,789 

1,821 

1878,    . 

81,717 

2,629 

1841,      . 

3,535 

717 

1860,   . 

30,635 

1,846 

1879,    . 

86,463 

4,746 

1842,      . 

4,026 

491 

1861,   . 

31,286 

651 

1880,    . 

93,349 

6,886 

1843,      . 

4,185 

159 

1862,   . 

32,120 

834 

1881,    . 

103,145 

9,796 

1844,      . 

4,377 

192 

1863,   . 

33,170 

1,050 

1882,    . 

114,713 

11,568 

1845,      . 

4,633 

256 

1864,   . 

33,908 

738 

1883,   . 

121,454 

6,741 

1846,      . 

4,930 

297 

1865,   . 

35,085 

1,177 

1884,   . 

125,379 

3,925 

1847,      . 

5,598 

668 

1866,   . 

36,801 

1,716 

1885,    . 

128,510 

3,131 

1848,      . 

5,996 

398 

1867,   . 

39,250 

2,449 

1886,   . 

137,158 

8,648 

The  mileage  of  iiew  railroads  built  iu  this  country  in 
188G  was  8,648  miles,  as  against  3,131  miles  built  in  1885. 
The  construction  of  1886  has  only  been  exceeded  by  that 
of  1881  and  1882.  The  reports  indicate  that  the  con- 
struction of  new  roads  during  the  year  1887  will  amount 
to  not  less  than  12,000  miles. 


104 


MAVERICK    NATIONAL    BANK. 


SPEED  OF  RAILROAD  TKAIKS. 

American. 


Miles. 

Time  of 
Fastest  Train. 

Average  Speed, 
including  Stops, 
Miles,  per  Hour. 

Boston  to  Albany,    ..... 

202 

6  hrs.  20  m. 

31.9* 

217 

6  hrs. 

36.2 

New  York  to  Albany,     .... 

143 

3  hrs.  20  m. 

42.9f 

New  York  to  Chicago  (Penn.), 

912 

24  hrs. 

38. 

New  York  to  Philadelphia,     . 

90 

2  hre.    5  m. 

43.3 

New  York  to  "Washington,     . 

227 

5  hrs.  3<>  m. 

42.8 

Philadelphia  to  Chicago  (Perm.),  . 

822 

21  hrs.  40  m. 

37.  S 

English. 


London  to  Sheffield  (Great  Northern), 

162 

3  bra.  12  m. 

60.0 

London  to  Manchester  (Ot.  Northern), 

•JU3 

4  hrs.  1")  m. 

47.8 

London  to  Glasgow,        .... 

440 

Id  hrs.  20  m. 

42.0 

*  Heavy  grades  to  eurinount. 
f  Practically  level. 

Comparing  American  with  Kngiish  fast  express  trains,  14  trains  by  the  Penn- 
sylvania Railroad  have  an  average  speed  of  42.'J  miles  per  hour,  and  6  by  the 
Bound  lirook  route,  average  42\  miles.  Between  London  and  Manchester,  20 
expresses  average  a  npeed  of  nearly  41  miles  per  hour.  Between  Liverpool  and 
Manchester  there  are  .">J  trains  daily  at  a  greater  speed,  —  '•'>-  by  tho  Manchester, 
Bheflield,  and  Lincoln  Railway,  4  averaging  MJ  miles,  28  averaging  4.">|  miles, 
and  'M  by  the  London  and  Northwestern,  averaging  45  miles  per  hour. 

Fastest  Itailrodd  Time  made. 

West  Philadelphia  to  Jersey  City,  1  mile  in  50J  seconds, 
3  miles  in  2  initiates  .'Jfij  seconds,  a  miles  in  4  minutes 
50  seconds,  Sept.  4,  1H7!>  =  HI  miles  per  hour. 

Hamburg  to  Buffalo,  N.  Y.,  10  miles  iu  8  minutes  = 
75  miles  per  hour;  Peek-skill  to  Sing  Sing,  N.  Y.,  10 
miles  in  9  minutes,  Feb.  17,  1.S74. 


MAVERICK   NATIONAL   BANK. 


105 


Locomotive  "Hamilton  Davis"  and  six  cars  on  New 
York  Central  Railroad,  14  miles  in  11  minutes,  1855  =  76 
miles  per  hour. 

Special  train  conveying  newspaper  correspondents,  44 
miles  in  43  minutes  and  30  seconds,  the  last  16|  miles  in 
14  minutes,  June  10,  1884,  from  Washington  Junction  to 
Washington,  D.  C.  =  71  miles  per  hour. 

Jersey  City  to  San  Francisco,  Cal.,  in  86  hours  39 
minutes  16  seconds,  combination  passenger,  mail,  and 
baggage  car,  and  a  Pullman  hotel  car,  June  1  to  4,  1876, 
3,176  miles  =  38  miles  per  hour  average. 


RAILROAD  CREDITS  —  WHAT   RAILROAD    BONDS    PAY 

INVESTORS. 

The  following  table  is  made  by  first  obtaining  the  net 
rate  of  income,  from  the  average  market  price  of  the  last 
six  mouths,  if  the  bonds  are  held  until  the  date  of  pay- 
ment. The  average  of  different  issues  of  bonds  of  the 
same  company  is  next  obtained,  giving  weight  to  each  in 
proportion  to  the  amount  issued.  The  credit  ratings  will, 
of  course,  vary  with  the  market  fluctuations. 


Boston  and  Albany,  .... 
Boston  and  Maine,  .... 
Boston  and  Providence, 

Old  Colony, 

Boston  and  Lowell,     .... 

Eastern 

Fitchburg 

Nashua  and  Lowell 

New  York  Central  and  Hudson  River, 
Chicago  and  Alton,     .... 
Chicago,  Burlington,  and  Quincy,     . 

Highland  (Street) 

Metropolitan  (Street), 

Maine  Central 

Pennsylvania, 

St.  Paul  and  Duluth 

Baltimore  and  Ohio 

Lynn  and  Boston  (Street), 


3.63  per 

3.63 

3.63 

3.63 

3.88 

3.88 

3.88 

3.88 

4.13 

4.15 

4.24 

4.25 

4.25 

4.30 

4.36 

4.45 

4.50 

4.50 


106  MAVERICK    NATIONAL   BANK. 


Michigan  Central, 4.51  per  cent. 

Milwaukee  and  Bt  Paul 4.01  " 

Middlesex  (Street) 4.82  " 

Lake  Shore  and  Michigan  Southern,        ....  4.07  " 

Central  Pacific 4.73  " 

Manhattan  Elevated  (Met.  and  N.  Y.  El.),      .        .        .  4.84  " 

New  York  and  New  England, 4.88  " 

Erie, 4.90 

MUiouri  Pacific, 4.91 

AtchUon,  Topcka,  and  Santa  Fe 6.01  " 

Oregon  Navigation 5.10  " 

Union  Pacific  system, 6.11  " 

Atchison  system, 6.13  " 

Southern  Pacific 6.14  " 

St.  Louis,  Cable,  and  Western, 6.15  " 

St.  Louis  and  San  Francisco,     ......  5.15  " 

Denver  and  Rio  Grande, 6.20  " 

Northern  Pacific, 5.23  " 

Richmond  and  West  Point  Terminal  system,         .        .  6  24  " 

Norfolk  and  Western 6.35  " 

Rutland 6.40 

Wisconsin  Central 6  45  " 

Kansas  City,  Fort  Scott,  and  Gulf, 6.50  " 

Mexican  Central 7.38  " 

Wabash  system, 8.09  " 


CREDIT  OF  RAILROAD  COMPANIES  IN  DIFFERENT  LOCALI- 
TIES OR  GROUPS  OK  STATES. 

Approximate  Highest  Credit,  shown  by  Lowest  Rate  of  Net  Income  Yearly 
from  their  Bonds. 

1.  New  England 4.00  per  cent. 

2.  Middle .  4.50  " 

3.  Central  Northern, 4.59  " 

4.  North  western 4.79  " 

5.  South  Atlantic 5.03  " 

6.  Southweiitern 6.16  " 

7.  Pacific 6.17  " 

1.  Onlf  and  Mississippi  Valley, 5.25  " 


MAVERICK  NATIONAL   BANK. 


107 


URBAN  RAILWAYS  OF  THE  WORLD. 

UNDERGROUND,    ELEVATED,    SURFACE,    CABLE,    AND   HORSK 
RAILWAY   SYSTEMS. 

Table  showing  the  Passenger  Transportation  Facilities  of  Principal  Cities. 


10 

§ 

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a 

0 

S 

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Principal  Means 

Quickest 

X 

at 

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c  5  '^  0 

of  Transit. 

Means. 

O 

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3 

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LondoB, 

122 

1885 

4,120,000 

8 

4,250,000 

Underground  R'y, 

Met.     Un- 

1863 

Busses,  Hansoms 

derground 

Berlin, 

2o 

1885 

1,315,297 

50 

1,400,000 

Horse  R'ys  and 

El.Viaduct, 

1882 

El  Viaduct. 

Vienna, 

- 

1880 

775,000 

45 

945,000 

Horse  R'ys, 

Horse  R'ys, 

_ 

Paris,  . 

30 

1881 

2,269,000 

32 

2,500,000 

Horae  R'ys  and 

Horse  R'ys, 

- 

Omnibuses. 

New  York, 

25 

1881 

1,243,000 

13J 

1 

i  Horse  R'ys  and 

Man.  El.,  . 

1872 

Brooklyn,  . 

_ 

1880 

566,663 

>  2,250,000 

El.  R.R's. 
Horse  R'ys  and 

Brooklyn 

1875 

j 

El  R  R's. 

El. 

Philadelphia, 

_ 

1880 

847,170 

- 

1,000,000 

Horse  R'ys, 

Horse  R'ys, 

_ 

Boston, 

27 

1S85 

390,393 

84 

600,000 

Horse  R.R's,      . 

Horse  R'ys, 

- 

Providence, 

1385 

118,070 

12"),  000 

Horse  R'ys, 

Horse  R'ys, 

_ 

Chicago, 

- 

1880 

503,185 

- 

6'JO,000 

Cable  and  Horse 

Cable  R'ys, 

1882 

R'ys, 

8.  Francisco, 

- 

1880 

233,959   - 

Cable  R'ys, 

Cable  R'ys, 

1881 

GROWTH   OF   CITIES. 


New  York,  1870  to  T880 

New  York  (including  Jersey  City  and 
Brooklyn),  1870  to  1880, 

Brooklyn,  1870  to  1880 

Philadelphia,  1870  to  1880,       . 

Chicago,  1860  to  1870,      ....  " 

Chicago,  1870  to  1880 " 

Boston,  1870  to  1880 " 

Baltimore,  1870  to  1880 " 

San  Francisco,  1870  to  1880,    ...  " 

Kan»as  City,  1870  to  1880,       ...  " 

Average  of  U.  S.,  1870  to  1880,       .        .  " 

*  Largely  by  annexation. 


Population  increased     23^  percent. 


33'.4' 
43 
25  K 
167 
68 
45* 
24 
57 
73 
30 


After  reaching  a  population  of  500,000,  the  percentage 
of  increase  of  population  of  cities  decreases. 


108 


MAVERICK   NATIONAL   BANK. 


London  Underground  Traffic. 


YEAR. 

Number  of 
Passengers. 

Gross  Receipts 
for  Passengers, 
Goods.  Minerals, 
and  Tolls. 

1863  

9,455,175 

£101,707 

1864  

11,721,889 

116,489 

1865  

15,763,907 

141,513 

1866  

21,273,104 

210,242 

1867  

23,405,282 

233,180 

1868  

27,708,011 

284,243 

18C9,    

36,893,791 

374,083 

1S70,   

39,160,849 

385.3721 

1871  

42,765,427 

396,068' 

1872  

44,392,440 

401,390 

187:!  
1874     

43,5.33,973 
44,118,225 

408,382 
411,550 

1875  

48,302,324 

448,3643 

1876,   ...                 

62,586,395 

475,792' 

1877,    

66,175,753 

490,828 

1878  

58,807,038 

494,873 

1879  

60,747,553 

606,204s 

1880  

63,759,573 

526,213* 

1881  

67,621,670 

551,776 

1882  

69,357,183 

656,999' 

1883  

74,204,301 

603,768' 

1884  

75,926,262 

603,761'' 

1885  

77,170,601 

591,981'° 

1886  

80,474,550 

616,269 

Total  

1,145,325,276 

£9,931,037 

'  District  Hallway  opened  to  Blackfriars  Bridge,          .        .    May,  1870. 
1  District  Kuilway  opened  to  Mansion  House,        .        .        .    July  3,  1871. 
3  Extension  to  Bishopsgate  opened, July  12,  1875. 

•  Extension  to  Aldgate  opened, Nov.  18,  1876. 

8  ExtenHion  .Swiss  Cottage  to  West  Ilampntoad  opened,       .     June  30,  1879. 

And  from  West  Hampstead  to  Willesdei),     .        .         .     Nov.  21,  1879. 

•  Extension  to  Harrow  opened, Aug.  2,  1880. 

'  Extension  from  Aldgato  to  Trinity  Square  opened,    .         .     Sept.  25,  1882. 

•  8t  John's  Wood  Hallway,  receipts  included  as  from          .     Jan.  1,  1883. 

•  Inner  Circle   completion   and    extension  to  East  London 

Hallway  opened Oct.  6,  1884. 

ln  Extension  from  Harrow  to  Pinner  opened,  ....     May  25,  1885. 


MAVERICK   NATIONAL   BANK. 


109 


NEW  YOKK  CITY  PASSENGER  TRAFFIC  AS  RELATED  TO 
GROWTH  OF  POPULATION. 


YEAR. 

Population. 

No. 
of  Kail- 
ways. 

Passenger 
Traffic. 

No. 
of  Rides 
per  Inhab- 
itant. 

1850  

515,547 

2 

1853 

6,835,548 

1854 

6,817,197 

_ 

1856  

629,810 

4 

1855 

18,488,459 

31 

1856 

23,153,050 

1857 

22,190,431 

37 

1858 

27,900,388 

— 

1859 

32,888,794 

43 

I860  

813,669 

6 

1860 

36,455,242 

47 

1861 

28,274,360 

1862 

35,878,044 

— 

1863 

40,412,357 

— 

1864 

60,900,200 

61 

1865              .... 

726,386 

12 

1865 

82,054,516 

83 

1S66 

88,953,016 

93 

1867 

100,541,562 

112 

1868 

105,816,695 

— 

1869 

114,349,123 

— 

1870  

942,292 

12 

1870 

115,139,553 

_ 

1871 

133,893,981 

_ 

1872 

143,696,989 

124 

1873 

145,358,805 

- 

1874 

151,927,233 

- 

1875,     

1,045,223 

19 

1875 

166,918,173 

- 

1876 

168,413,971 

- 

1877 

163,936,298 

133 

1878 

170,189,502 

— 

1879 

187,983,792 

- 

1880,     ... 

1,206,299 

23 

1880 

211,222,348 

175 

18S1 

231,386,771 

186 

1882 

252,871,646 

198 

1883 

268,749,877 

204 

1884 

284,115,862 

220 

1885,     . 

_ 

25 

1885 

297,116,690 

213 

1886 

325,149,075 

232 

NEW  YORK  CITY  PASSENGER  TRAVEL. 


NUMBER  PASSKNGEUS. 

Per 
Cent,  by 
each. 

Increase. 

Per 
Cent. 

1S84-85. 

1885-86. 

Elevated  lines, 
Surface  lines, 

Total, 

103,702.729 
191,319,523 

295,022,252 

115,109,591 
210,039,481 

35.4 
64.6 

11,406,862 
18,712,961 

11.0 
9.8 

325,149,075 

100.0 

30,119,823 

10.2 

110 


MAVERICK   NATIONAL   BANK. 


The  total  increase  for  the  year  ending  Sept.  30,  1886, 
was  30,120,819,  or  10.2  per  cent.,  and  the  total  move- 
ment, 890,800  passengers  transported  daily. 

The  following  table  shows  the  effect  of  increasing  the 
facilities  of  travel  upon  the  valuation  of  the  city.  Be- 
tween 1876  and  1879  the  elevated  roads  were  scarcely 
started;  between  1881  and  1884  the  elevated  roads  had 
their  full  effect. 


YEA*. 

Valuation. 

Increase. 

PerCent. 

1876  

$892,428,165 

1878,         

918,134,380 

$25,706,215 

2.8 

1881,         

976,735,199 

1884,         

1,119,781,597 

143,026,398 

14.0 

Fifteen  East  River  ferry  lines  and  11  North  River 
ferry  lines  carry  80,000,000  passengers  annually. 

The  passenger  traffic  in  and  out  of  New  York  by  rail- 
ways and  steamers  is  about  200,000,000  annually. 

To  provide  increased  facilities,  an  arcade  railroad  of 
four  tracks,  to  be  built  through  and  under  Broadway,  is 
projected.  The  cost  of  six  miles,  extending  from  the  Bat- 
tery under  Broadway  to  Central  Park,  is  estimated  at 
818,000,000,  or  8-'5  000,000  per  mile,  including  equipment 
of  $.'500,000  per  mile.  The  two  middle  tracks  are  de- 
signed for  rapid  transit,  and  the  two  outer  for  local 
traffic,  all  tracks  connecting  with  the  steam  surface  rail- 
roads leaving  New  York. 


MAVERICK    NATIONAL    BANK. 


Ill 


ELEVATED   RAILROADS. 


New  York. 

Brooklyn.* 

1886. 

1886. 

Number  of  lines,  ........ 

4 

1 

Length  of  line  (miles),         

32 

7 

Length  of  track  (miles),      ...... 

84 

13 

266 

30 

770 

90 

Passengers  carried  annually  

115,109,591 

10,158,665 

92.6 

17  9 

Cost  of  roads  (exclusive  of  equipment),    . 

$9,689,195 

$24,318,000 

4,750,000 

Capital  stock  outstanding  

24,367,645 

5,000,000 

7,352,982 

518,481 

Earnings,  per  mile  of  line,  

233,132 

76,812 

3,850  812 

379,372 

Expenses,  percentage  to  gross  earnings,    . 

52.38 

73.17 

Net  earnings,          

$3,502,170 

$139,108 

Interest,  

1,511,983 

- 

Dividends,      

1,560,000 

- 

Rate  of  dividend,  per  ceut.,          

6 

- 

*  New  road  in  process  of  building. 


BROOKLYN  BRIDGE  TRAFFIC. 


YKAR  (ending  Dec.  1). 

No.  or  PASSENGERS. 

KECEIPTS  (TOLLS). 

Cable 
Railroad. 

Total. 

Railroad. 

Total. 

1885  
1886,       

17,023,237 
24,029,267 

20,625,326 

27,047,984 

$537,435 
661,362 

$618,915 
743,539 

Total  since  bridge  was  opened, 
May  25,  1883  

50,620,190 

65,427,896 

$1,679,404 

$2,035,220 

The  total  cost  of  the  bridge  was  $14,200,000. 


112  MAVERICK   NATIONAL    BANK. 

CABLE  ROADS. 

Cable  roads  have  an  advantage  over  all  other  systems 
of  transit,  in  ease  and  economy  of  operation  upon  heavy 
grades.  The  following  are  the  maximum  grades  on  the 
several  cable  railroads  in  the  United  States :  — 

Clay  Street,  San  Francisco 16  In  100. 

California  Street,  San  Francisco, 18  In  100. 

Suter  Street,  Sail  Francisco 8.7  in  100. 

Geary  Street,  San  Francisco 9.8  in  100. 

State  Street,  Chicago, About  level 

Ninth  Street,  Kansas  City 18.3  in  100. 

The  cable  system  of  traction  was  first  used  in  San 
Francisco,  lines  being  constructed  by  Mr.  A.  S.  Hallidie 
up  the  Clay  Street  hill  in  1881. 

Chicago,  out  of  57  miles  of  street  railway  track,  has 
10J  miles  of  double  track,  or  20J-  miles  running  upon  the 
cable  system,  employing  240  cars  and  dummies. 

At  Kansas  City,  3.3  miles  of  double-track  line  have  been 
in  operation  since  July  1,  1885.  The  maximum  grade  is 
iy  feet  in  100.  The  maximum  grade  for  horses  is  7  feet 
in  100.  The  total  cost,  including  equipment,  is  §750,000, 
or  $227,273  per  mile  of  line.  In  1886  this  line  carried 
5,026,945  passengers;  receipts,  $281,347;  expenses, 
$137,643. 


MAVERICK   NATIONAL   BANK. 


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CHAPTER    X. 


FOREIGN  EXCHANGE  AND  COMMERCE. 


Sterling  Exchange :  Its  Origin,  and  Intrinsic  and  Commercial  Basis.  —  Parity  of 
Exchange  and  the  Gold  Shipping  Points. —Highest  and  Lowest  Quotations 
and  Review  of  the  Market  for  Ten  Years. 

Itnporti,  Exports  and  Balance  of  Trade,  1861-1887. 

Shipbuilding,  Tonnage,  and  Carrying  Trade  of  the  United  States,  1SS2-1887.  — 
Remarks  on  American  Shipping  and  Early  Steam  Vessels.  —  The  Principal 
Ocean  Steamers.  —  Rapid  Transatlantic  Passages.  —  Distances  by  Water 
from  New  York  to  Principal  Port*  of  the  World.  —  Amount  of  Coal  con- 
sumed by  Ocean  Steamers.  —  Designating  Marks  of  Transatlantic  Lines. 

STERLING  EXCHANGE. 

A  bill  of  exchange  may  be  briefly  defined  as  an  order 
authorizing  the  transfer  of  money  from  a  debtor  to  a 
creditor  in  a  distant  city  or  country.  Such  papers  were 
in  use  to  some  extent  among  the  Greeks  and  Romans 
long  before  the  Christian  era.  The  modern  bills  of 
exchange  are  said  to  have  originated  at  the  great  public 
fairs  held  in  Italy  during  the  twelfth  and  thirteenth 
centuries,  which  rose  to  importance  on  account  of  the 
travel  caused  by  the  Crusades.  At  first  bills  were 
drawn  only  from  one  fair  to  another,  but  as  commerce 
expanded  they  became  common  in  all  international 
dealings.  Sicilian  merchants  drew  on  English  debtors  in 
125f>.  The  oldest  copy  of  a  bill  extant  is  dated  Milan, 
March  9,  1325,  and  is  substantially  in  the  modern  form. 
In  England,  reference  was  made  to  drawing  of  foreign 


MAVERICK   NATIONAL   BANK.  119 

bills  in  a  statute  of  1381  ;  and  in  1394  the  magistrates 
of  Barcelona,  Spain,  enacted  that  bills  should  be  accepted 
within  twenty-four  hours  after  presentation,  which  shows 
that  they  formed  part  of  the  ordinary  routine  of  business. 

The  basis  of  exchange,  of  course,  is  a  comparison  of 
the  intrinsic  value  of  the  coinage  of  two  countries,  and 
its  reduction  to  a  common  standard  in  currency.  In  the 
early  history  of  the  United  States,  the  pound  sterling  was 
valued  at  $4.44f ,  based  on  the  bullion  standard  of  the 
then  current  Spanish  dollar,  which  was  worth  almost 
exactly  4s.  6d.  English.  From  1792  to  1834,  our  gold 
coinage  was  of  the  same  standard  as  the  pound  sterling, 
or  22  carats  ;  making  the  dollar,  at  its  legal  weight  of  27 
grains,  worth  97£  cents,  and  the  pound  sterling  about 
$4.56£.  In  1834,  our  bullion  standard  was  so  reduced 
that  the  dollar  was  intrinsically  worth  only  91£  cents, 
and  the  pound  sterling  about  §4.87.  The  custom-house 
valuation  of  the  sovereign,  however,  was  then  fixed  at 
$4.84,  and  so  remained  until  Jan.  1,  1874,  when  it  was 
fixed  by  act  of  Congress  at  $4. 86^5-,  the  current  standard. 
The  London  Stock  Exchange,  early  in  the  same  year, 
valued  the  dollar  at  4s.,  or  about  97-£  cents.  This  valu- 
ation, being  2|  cents  below  par,  equals  a  quotable  pre- 
mium of  2|  per  cent. ;  for  instance,  American  securities 
worth  par  are  quoted  in  London  at  102f . 

Sterling  exchange  is  said  to  be  at  par  when  trade 
between  the  United  States  and  England  is  so  nearly 
balanced  that  there  is  no  special  demand  for  bills  on 
either  side,  and  the  rate  for  sight  bills  is  within  a  fraction 
of  $4.86^5-.  The  rate  is  lowered  in  London  if  the 
balance  turns  in  favor  of  England,  and  correspondingly 
increased  in  New  York.  The  fluctuations  are  further 
affected  by  the  supply  of  bills  in  either  market,  or  by 
daily  transactions  in  American  securities  on  the  London 
Exchange. 


120  MAVERICK   NATIONAL    BANK. 

While  4.8665  is  the  parity  or  par  of  exchange,  and  the 
total  cost  of  importing  or  exporting  gold  does  not  as  a 
rule  exceed  two  cents  per  pound,  the  export  point  is 
usually  considered  4.88£  (sight  bills),  and  the  import 
point  483  (sight  bills).  The  reason  that  the  export 
point  is  so  much  nearer  the  parity  of  exchange  lies  in  the 
interest  question.  The  expense  of  ten  days'  interest  at 
the  Bank  of  England  rate  and  of  ten  days  at  the  Ameri- 
can rate  must  be  added  to  the  expense  of  gold  importa- 
tions. All  gold  shipments  must  bear  charges  for  freight, 
insurance,  and  abrasion  by  friction. 

The  lower  rate  for  time  bills  simply  represents  a  dis- 
r»ount  to  the  debtor  for  the  use  of  the  money,  as  he  pays 
cash  for  the  30,  60,  or  90  day  bill. 

The  increasing  use  of  cable  transfers  has  materially 
reduced  the  volume  of  bills  in  some  places  during  the 
past  few  years,  as  no  paper  appears  in  the  transaction. 
An  exporter  simply  ships  his  produce,  telegraphs  the  fact 
to  his  London  consignee,  and  if  he  chooses,  sells  the 
cargo  at  once  "•  to  arrive."  The  proceeds  are  remitted 
through  a  London  banker. 

A  ••  banker's  bill  "  is  simply  a  bill  drawn  between  one 
banking  house  and  another,  in  two  different  countries. 
'•Commercial  bills"  are  drawn  and  sold  by  the  exporter 
on  either  side  against  shipments  of  merchandise.  The}' 
are  usually  drawn  at  30,  60,  or  'JO  days'  sight,  and  are 
bought  by  the  banking  houses  against  their  own  bills  of 
exchange.  A  large  supply  of  commercial  bills  naturally 
lowers  the  rate  of  exchange. 

The  following  table  shows  the  highest  and  lowest  quo- 
tations for  sight  and  60  day  sterling  bills  for  the  ten 
years  ending  Jan.  1,  1887,  ami  the  imports  and  exports 
of  specie  during  the  *aine  period  :  — 


MAVERICK   NATIONAL    BANK. 


121 


HIGHEST. 

LOWEST. 

Imports, 
Specie. 

i 

Exports, 
Specif. 

GO  Day. 

Sieht. 

60  Day. 

Sight. 

1877,       . 

L878, 

4.88 

4.8S'£ 

4.90^ 
4.90>£ 
4.90 
4.90 
4.87 
4.90^ 
4.90 
4.90>i 
4.90 
4.90 

4.80^ 
4.78^ 
4.80K 
4.79 
4.79 
4.80 
4.81 
4.80 
4.81« 
4.80 

4.84 
4.84 
4.83^ 
4.81>£ 
4.81« 
4.84 
4.83^ 
4.84 
4.85>£ 
4.84 

$40,774,414 
29,821,314 
20,293,000 
93,034,310 
110,575,497 
42,472,390 
28,489,391 
37,420,262 
43,242,323 
38,593,656 

$43,134,738 
27,054,985 
17,554,235 
9,347,893 
14,226,944 
43,480,271 
21,623,181 
50,225,635 
24,376,110 
51,924,117 

1879, 
1880, 
1881, 
1882, 
1883, 
1884, 
1885, 
1886, 

4.88'; 
4.87 
4.85 
4.87lo 
4.86'o 
4.8S'j 
4.88 
4.SSK 

REVIEW  OF  THE  EXCHANGE  MARKET,  1877-1887. 
A  brief  review  of  the  exchange  market  during  the 
same  period  will  illustrate  the  facts  given  above  and 
explain  the  fluctuations.  In  1877,  exchange  was  steady 
during  the  early  part  of  the  year,  but  after  the  large 
crops  began  to  come  in  and  exports  of  produce  became 
large,  prices  declined  and  ruled  low  throughout  the  year. 
But  for  the  return  of  Un'ted  States  bonds  from  abroad 
more  specie  would  have  been  imported.  Heavy  exports 
of  produce  influenced  exchange  during  the  whole  of  1878. 
The  homeward  movement  of  governments  continued  for 
the  first  six  months,  causing  a  considerable  demand  for 
bills,  which  supported  prices.  For  the  balance  of  the 
year  rates  ruled  lower.  The  return  of  bonds  continued 
through  the  early  part  of  1879  ;  rates  were  high,  and 
groundless  fears  of  large  exports  of  specie  were  enter- 
tained. After  July,  exchange  rates  fell  off  to  the 
importing  point  of  specie,  und  held  there  until  the  end 
of  the  year.  Early  in  1880,  heavy  importations  of 
foreign  goods  strengthened  exchange,  but  after  the  first 
six  months  these  declined,  and  rates  fell  below  the  specie 
importing  point.  Rates  were  unusually  low  at  the 
opening  of  1880,  and  after  some  fluctuation  low  prices 
ruled  through  the  year.  In  1882,  much  foreign  merchan- 
dise was  imported,  and  on  the  other  hand  there  was  a 
comparatively  small  surplus  of  the  crop  of  1881  for 


122  MAVERICK   NATIONAL   BANK. 

export,  causing  large  shipments  of  gold  abroad  during 
the  first  six  months.  During  October,  November,  and 
December,  however,  cotton  shipments  restored  the 
balance  to  this  side,  and  moderate  amounts  of  specie 
were  imported.  During  the  first  half  of  1883  imports 
fell  off  materially,  while  the  exports  showed  a  large 
increase  as  compared  with  the  same  time  in  1882.  In 
consequence,  the  balance  in  favor  of  this  country  was 
Si 00, 000, 000  larger  than  the  previous  year.  After  three 
months  of  strong  rates  for  exchange,  the  usual  July 
decline  came,  admitting  of  a  moderate  importation  of 
gold.  Early  in  1884  exchange  was  very  firm,  owing 
to  the  return  of  American  securities  and  to  the  small 
crops  of  1883,  which  left  but  a  small  surplus  for  export 
after  January  1.  This  situation  resulted  in  exports  of 
gold  to  the  amount  of  $32,000,000  up  to  the  end  of 
April,  but  the  movement  was  checked  by  the  May 
panic.  After  July  1 ,  imports  of  goods  fell  off,  and  there 
was  a  better  feeling  on  Americans  abroad.  There  was 
also  a  heavy  autumn  movement  of  cotton.  Rates 
declined  sharply  in  June  and  July,  and  moderate  imports 
of  gold  followed.  In  September  and  October  they 
again  reached  the  gold  importing  point,  but  the  advance 
of  the  Bank  of  England  rate  to  five  per  cent,  checked 
the  shipments,  and  the  rates  permitted  of  no  more  during 
the  year.  Early  in  1885  there  was  an  investment  demand 
'or  bills  by  persons  who  wished  to  take  advantage  of  the 
higher  money  market  iu  London  ;  and  soon  afterward  the 
prospect  of  war  between  England  and  Russia  strengthened 
exchange.  After  several  months  of  unimportant  fluctua- 
tions the  August  decline  set  in,  and  small  amounts  of 
gold  were  imported.  The  autumn  exports  of  grain  and 
cotton  were  light ;  but  a  demand  for  American  securities 
kept  exchange  fairly  steady.  During  December  a  sharp 
demand  for  short  bills  put  up  prices,  and  a  small  amount 
of  gold  was  shipped  abroad  ;  but  the  market  immediately 


MAVERICK   NATIONAL   BANK. 


123 


weakened.  For  the  first  six  months  of  1886  imports 
were  large,  the  demand  for  American  securities  abroad 
was  light,  and  the  exports  low  in  value ;  so  that 
exchange  ruled  high,  and  over  $34.000,000  of  specie 
were  exported.  But  during  the  balance  of  the  year 
grain  and  cotton  exports  were  heavy,  American  stocks 
and  bonds  found  a  good  market  abroad,  and  there  were 
large  imports  of  specie. 

FOREIGN  COMMERCE  OF  THE  UNITED  STATES. 

[Fiscal  years  ending  June  30,  and  seven  months  of  fiscal  year  1887. 
000,000  omitted.] 


no  mark  occurs,  the  balance  of  trade  is  against  this  country 


FISCAL  YEARS. 

MERCHANDISE. 
(Gold  Value.) 

I5alance 

SPECIE. 

Specie 

Net 

Domestic 

of  Trade. 

Net 

Domestic 

Balance. 

Imports. 

Exports. 

Imports. 

Exports. 

1861, 

$274 

$204 

$69 

$40 

$23 

+$16 

1862, 

178 

179 

+1 

10 

31 

20 

1863, 

225 

180 

39 

1 

55 

54 

1864, 

301 

143 

157 

8 

100 

92 

1865, 

209 

136 

72 

6 

64 

57 

1806, 

423 

337 

85 

7 

82 

75 

1867, 

381 

279 

101 

16 

54 

38 

1868, 

344 

269 

75 

4 

83 

79 

1869, 

406 

275 

131 

5 

42 

37 

1870, 

419 

376 

43 

12 

43 

31 

1871, 

505 

428 

77 

7 

84 

77 

1872, 

610 

428 

182 

6 

72 

66 

1873,              •    •     . 

0-24 

505 

119 

10 

73 

63 

1874, 

550 

569 

+18 

21 

59 

38 

1875, 

518 

499 

19 

12 

83 

71 

1876, 

445 

525 

+79 

9 

50 

40 

1877, 

438 

589 

+151 

27 

43 

15 

1878, 

422 

680 

+257 

23 

27 

3 

1879, 

433 

698 

+264 

12 

17 

4 

1880, 

6u6 

823 

+167 

85 

9 

+75 

1881, 

624 

883 

+259 

105 

14 

+91 

1882, 

707 

733 

+25 

36 

43 

6 

1883, 

703 

804 

+100 

18 

21 

3 

1884, 

652 

724 

+72 

20 

60 

29 

1885, 

562 

726 

+164 

25 

24 

+1 

1886, 

621 

665 

+44 

18 

51 

33 

1887,* 

470 

505 

+35 

54 

33 

+21 

*  Nine  months  ending  March  31,  1887. 

NOTE.  —  The  Canadian  reports  of  imports  into  the  Dominion  of  Canada  from 
the  United  States  indicate  that  in  addition  to  the  above  "  Domestic  Exports  " 
there  was  exported  in  the  fiscal  year  1836  merchandise  of  the  value  of  $17,027,875. 


124 


MAVERICK    NATIONAL    BANK. 


SHIPBUILDING,  TONNAGE,  AND  CARRYING  TRADE  OF  THE 
UNITED  STATES  FOR  FIVE  YEARS. 


1886. 

1885. 

1884. 

1883. 

1889. 

Number  of  sea  -go  ing 
vessels, 

6,102 

6,284 

_ 

6,214 

_ 

Tonnage, 

2,060,258 

2,138,880 

- 

2,099,218 

- 

Vessels  built, 

715 

920 

1,100 

1,268 

1,371 

Tonnage, 

95,453 

159,056 

225,314 

265,429 

282,269 

Tonnage     registered     for 
foreign  trade, 

l,OS8,<m 

1,262,814 

1,276,972 

1,209,681 

1,259,492 

Percentage    of   American 
foreign  trade  carried 
in  American  vessels, 

16. 

17. 

17.5 

16.3 

15.9 

Total  vessels  of  the  U.  8., 
Total  tonnage, 

23,534 
4,131,13(5 

4,'26T)1934 

4,271,229 

- 

- 

IKON  AND  STEKL  SHIPBUILDING. 


Number  of  sailing  vessels, 

3 

1 

3 

1 

- 

Gross  tonnage, 

692 

731 

4,432 

2,033 

- 

Number  of  steamers, 

23 

47 

31 

34 

43 

Gross  tonnage, 

14,215 

43,297 

31,200 

37,613 

40,097 

Total  number,    . 

26 

48 

34 

35 

43 

Total  tonnage, 

14,907 

44,028 

35,632 

39,646 

40,097 

SHIPPING  ADMEASUREMENT. 

Register  ton.     For  register  tonnage  or  for  measurement  of  the  entire  internal 
capacity  of  a  vessel : 

100  cubic  fe«-t  =  1  register  ton. 

This  number  is  arbitrarily  assumed  to  facilitate  computation. 
Shipping  ton.     For  the  measurement  of  cargo  : 

/  1  United  States  shipping  ton. 
40  cubic  feet=  j  31.16  imported  bushels. 

'  32.143  United  States  bushels. 
/  1  British  shipping  ton. 
42  cubic  feet  =  j  32.719  imported  bushels. 

'  33.75  United  States  bushf  U. 


MAVERICK   NATIONAL   BANK.  125 

EARLY  STEAM  VESSELS. 

The  United  States  is  the  second  maritime  nation.  Our 
commercial  fleet  is  about  one-half  that  of  Great  Britain, 
but  greater  than  those  of  France,  Germany,  Norway,  and 
Italy  combined.  It  has  four  times  the  carrying  capacity 
of  France  and  Germany  respectively.  American  vessels 
had  nearly  twenty  per  cent,  of  the  world's  carrying  trade 
in  1880 ;  France  and  Germany  about  five  per  cent.  each. 

The  first  commercially  successful  steamboat  was  Robert 
Fulton's  Clermont,  launched  in  1807  on  the  Hudson 
River.  The  first  on  the  Mississippi,  the  Orleans,  was 
built  by  Fulton  in  1811.  In  1812,  Henry  Bell  of  Scotland 
built  the  first  British  steamer,  the  Comet  (30  tons) ,  which 
plied  between  Greenock  and  Glasgow.  In  1819  the 
Savannah  (310  tons)  crossed  the  Atlantic  from  America, 
and  returned  after  a  long  cruise  in  the  Baltic. 

The  first  British  steamer  to  cross  the  Atlantic  was  the 
Great  Western  (1,340  tons),  in  1838.  The  Sirius,  a  few 
weeks  later,  made  the  passage  in  eighteen  days,  probably 
being  detained  by  rough  weather.  Two  years  later  the 
Cunard  Line  was  established. 


126 


MAVERICK   NATIONAL    BANK. 


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128 


MAVERICK    NATIONAL    I5ANK. 


RAPID  TRANSATLANTIC  PASSAGES. 


TIME. 

IIATK. 

Steamer. 

From  — 

To  — 

. 

| 

Line. 

'-. 

~ 

2 

- 

o 

- 

s 

S 

Aug.-    ) 
Sept.,  '80,  \ 

Aller, 

Southampt'n, 

New  York,  . 

7 

16 

50 

No.  German 

Aug.,  '86, 

Trave, 

New  York, 

Southampt'n, 

7 

]  ' 

•j.'i 

No.  German. 

June,  '86, 

La  Bourgogne 

Havre,  . 

New  York, 

7 

13 

- 

French. 

Aug.,  '86, 

La  Champagne 

New  York, 

Havre,  . 

7 

12 

— 

French. 

'83, 

Alaska, 

Queenstown 

New  York, 

6 

•:A 

15 

Guion. 

'83, 

Alaska,     . 

New  York, 

Queenstown 

0 

21 

— 

Guion. 

Aug.,  '85, 

City  of  Rome, 

Queen  Blown 

New  York, 

C 

13 

- 

Anchor. 

Oct.,    '84, 

Alaska, 

New  York, 

Queenstown 

6 

16 

38 

Guion. 

June,  '84, 

America,  . 

New  York, 

QiiceiiBtown 

a 

13 

4 

National. 

July,    '85, 

Etruria,     . 

Queenstown 

New  York, 

6 

9 

- 

Cunard. 

'85, 

Etruria,     . 

Qucenstowu 

New  York, 

6 

5 

44 

Cunard. 

Aug.    '85, 

Etruria,     . 

New  York, 

Queenstown 

G 

5 

30 

Cunard. 

May,    '87, 

Umliria,    . 

New  York, 

QiK-oiistown 

6 

5 

.' 

Cunard. 

June,  '87, 

Umbria,    . 

Queenstown 

New  York, 

" 

4 

12 

Cuuard. 

AVERAGE  AMOUNT  AND  COST  OF  COAL  BURNED  BY  OCEAN 
STEAMSHIPS,  AND  AVERAGE  SPEED. 

The  larger  and  swifter  ocean-going  steamships  often 
exceed  a  daily  expense  of  $2,000  for  coal  alone,  as  may 
lie  seen  l>v  the  following  table  :  — 


NAME. 

Line. 

Coal 
Consumed 
per  Day, 
Tons. 

Average 
Knots  per 
Hour. 

Cost  of 
Coal  per 
Voyage. 

Oregon  (lost), 
City  of  Rome, 
Etruria  
Umbria,  
Alaska  
Servia,     

Cunard, 
Anchor, 
Cunard, 
Cunard, 
Guion, 
Cunard, 

337 
304 
300 
300 
•253 
214 
214 

17  9-10 
16 
IS 
18  1-10 
16  8-10 
16  5-10 
16  7-10 

$18,872 
17,024 
17,000 
17,000 
15,168 
11,956 
1  1  ,056 

America,         .... 
Austral  
Britannia  (1st  steamer,  1840), 

National,     . 
Anchor, 
Cunard, 

182 
115 

41 

17  3-10 
16  3-10 
8 

10,192 
6,440 

The  round  trip  expenses  run  from  8-10,000  to  $70,000 


MAVERICK    NATIONAL    BANK. 


129 


DESIGNATING  MARKS  OF  OCEAN  STEAMSHIP  LINES. 


FUKXEL  MARKS. 


American, 
Anchor,  . 
Allan,  . 
Cunard,  . 
French,  . 
Furness, . 
Guiou,  . 
Leyland, 
Hansa,  . 

Hamburg, 

liuuaii,     . 

Monarch, 

Nati&nul, 

N.  German  Lloyd, 

Red  Star,         .    "     . 

Royal  Netherlands, 

Stile, 

White  Star,    . 

Warren,  . 


Lower  two-thirds  red,  with  white  keystone,  black  top. 

Black. 

Red  with  white  ring  under  black  top. 

Red  with  black  top. 

Red  with  black  top. 

Black. 

Lower  two-thirds  black,  a  red  band  and  black  top. 

Pink  with  black  top.     Funnel  curved  at  the  top. 

Yellow  with  white  band  and  white  Maltese  cross  with  red 

centre. 
Black. 

Lower  two-thirds  black,  white  band  and  black  top. 
French-gray  and  black  top. 
White  with  black  top. 
Black. 

Cream  color,  with  black  top  with  red  star. 
Black,  with  band  having  green  border. 
Lower  two-thirds  buff,  red  band  under  black  top. 
Cream,  black  top. 
Black. 


DISTANCES  BY  WATER  FROM  NEW  YORK  TO  FOREIGN 
PORTS. 


PORT. 

Country. 

Miles. 

Alexandria  

Egypt  
Holland, 

5,095 
3,530 

Ujrmudus,  
Bombay,       ...... 

West  Indies,         .... 
India,     ...... 

680 
11,555 

3,334 

Belgium  

3,418 

Cape  of  Good  Hope, 
Cape  Horn  
Constantinople,  
Copenhagen,        ..... 

Africa  
South  America,    .... 
Turkey  
Denmark  

6,840 
7,000 
5,154 
3,650 

India,     ...... 

12,510 

14,105 

C  '1  •  It'  r 

3,290 

Glasgow,      
Halifax,        

Scotland  
Nova  Scotia,         .... 
Cuba,     

2,934 
563 
1,275 

Peru,     ...... 

11,312 

3,184 

England  

3,376 

Liverpool,    
Madras,        

England  
British  India,        .... 
Italy,     

3,080 
11,840 
4,327 

15,325 

Brazil  

4,926 

St  John                        .... 

785 

4,431 

Honolulu  
San  Francisco,    .                 ... 

Sandwich  Islands, 
California,     
China,   ...... 

7,150 
18,843 
14,510 

4,075 

Chili,     

4,813 

2,185 

Austria,         ..... 

4,195 

Yokohama.  . 

Japan,  . 

7,523 

CHAPTER    XI. 


LAND  AND  AGRICULTURE. 


Acquisitions  and  Total  Area  of  the  Territory  of  the  United  States.  — Areas  of 
the  States  in  Square  Miles. 

Grants  of  Public  Lands  by  Congress  to  States  and  Railroads. 

Farms  of  the  United  States.  —  Total  Acreage,  Improved  and  Unimproved. 

Immigration.  —  Total  Arrivals,  1820  to  1887.  —  Arrivals  by  Countries.  —  Pro- 
portion 01  Total  European  Emigrants  received  by  United  States. 

Agricultural  Products.  —  Total  Production  of  Staples  for  Five  Years.  —  High- 
est and  Lowest  Chicago  Wheat  and  Corn  Prices,  1877-87. —  Wheat  Crops 
of  the  World. 

Cotton.  —  Total  United  States  Crops.  —  Exports  and  Consumption,  1841-87.— 
Cotton  Prices,  1826  to  1887,  by  Years.  —  Consumption  of  the  World. — 
Manufacture  in  the  United  States. 

Wool.  —  Product  of  the  United  States,  1882-86. 

AREA  OF  THE  UNITED  STATES. 

The  territory  of  the  United  States  was  acquired  by 
cession,  purchase  or  discovery  as  shown  in  the  following 
table,  which  also  gives  amounts  paid  for,  and  several  and 
total  areas  of,  the  successive  additions  :  — 


FROM. 

Mow  Acquired. 

Date  of 
Acquisition. 

Amount 
1'uid. 

Area 
Square 
Slilt's. 

1.  Great  Hritain, 
2.  France,    . 
3.  Oregon,  . 
4.  Spain, 

Cession, 
Cession  and  purchase, 
Discovery,  . 
Cession  and  purchase, 

Sept.  3,  1783, 
Apr.  30,  1803, 
180.r>, 
Feb.  22,  1819, 

$15,000,000 
6,500,000 

819,815 
K77.26S 
222,'.MH 
54,240 

ft.  Texas, 
6.  Great    Britain 
(Wash.  Ty.), 
7.  Mexico,  . 
8.  Mexico,  . 

9.    K'lHM.l,      . 

Cession  and  purchase, 

Cession, 
Cession  and  purchase, 
Cession  and  purchase. 
Cession  and  purchase, 

Mar.    2,  1845, 

1846, 
Fob.     2,  1S4S, 
Dec.  30,  1853, 
Mar.  30,  1867, 

10,000,000 

15,000,000 
10,000,000 
7,200,000 

262,290 

58.88C 
611,439 
47,33'l 
531,  409 

3,488,620 

Another  estimate  make*  the  total  area i  0,501,409 


MAVERICK   NATIONAL   BANK. 


131 


The  amount  paid  to  Texas  was  in  consideration  of  her 
cession  to  the  United  States  of  territory  not  included  in 
her  present  limits.  Payment  was  in  bonds,  which  were 
applied  to  the  liquidation  of  her  public  debt. 

AREAS  OF  THE  STATES  AND  TERRITORIES  IN  SQUARE 
MILES,  1880. 


STATE  OB  TERRITORY. 

Square 
Miles. 

STATE  OR  TERRITORY. 

Square 
Miles. 

Alabama,     .... 

51,540 

Missouri,      .... 

68,735 

531,409 

Montana,      .... 

145,310 

112,9-20 

Nebraskaj    .... 

76,185 

Arkansas,    .... 

53,045 

Nevada,        .... 

109,740 

California  

155,980 

New  Hampshire, 

9,005 

Colorado  

103,645 

New  Jersey, 

7,455 

Connecticut, 

4,845 

New  Mexico, 

122,460 

Dakota,        .... 

147,700 

New  York,  .... 

47,620 

Delaware,    .... 

1,960 

North  Carolina,  . 

48,580 

District  of  Columbia 

60 

Ohio              .... 

40,760 

Florida,        .... 

54,240 

Oregon          .... 

94,560 

58,930 

Pennsylvania, 

44,985 

Idaho,  

84,290 

Rhode  Island, 

1,085 

Illinois  

56,000 

South  Carolina,  . 

30,170 

Indiana,       .... 

35,910 

Tennessee,  .... 

41,750 

Indian  Territory,  'etc  , 

69,830 

Texas,  

262,290 

Iowa  

55,475 

Utah  

82,190 

Kansas  

81,700 

Vermont,     .... 

9,135 

Kentucky,    .... 

40,000 

Virginia,      .... 

40,125 

Louisiana,    .... 

45,420 

Washington, 

66,880 

Maine,  

29,895 

West  Virginia,    . 

24,645 

Maryland,    .... 

9,860 

Wisconsin,  .... 

54,450 

Massachusetts,     . 

8,040 

Wyoming,   .... 

97,575 

Michigan  

57,430 

__—  

Minnesota,  .... 

79,205 

Total,          .... 

3,501,409 

Mississippi, 

46,340 

CONGRESSIONAL  LAND  GRANTS  TO  STATES  TO  JUNE 
30,  1886. 


STATE. 

Estimated 
Acres. 

STATE. 

Estimated 
Acres. 

Alabama,  .... 
Arkansas, 
California, 
Florida  
Illinois,      .... 
Iowa,          .... 
Kansas,     .... 
Louisiana, 

3,729,120 
3,940,272 
3,400,000 
2,360,114 
2,595,053 
6,795,527 
9,370,000 
1,578,720 

Michigan,  .... 
Minnesota, 

4,712,480 
9,992,041 
2,985,160 

Mississippi, 
Wisconsin, 

Total, 

2,062,240 
4,803,486 

58,329,213 

132 


MAVERICK    NATIONAL    BANK. 


CONGRESSIONAL  LAND  GRANTS  TO  RAILROAD  CORPORATIONS 
TO  JUNE  30,  1886. 


CORPORATIONS. 

Estimated 
Acres. 

CORPORATIONS. 

Estimated 
Acres. 

Central  Pacific  Railroad, 

Central    Pacific,   Oregon 
Branch, 

Burlington    &    Missouri 
Itiver  

Denver  Pacific, 
Kansas  Pacific, 
Union  Pacific,  . 
Northern  Pacific,     . 

9,100,000 
3,000,000 

2,441,600 
1,000,400 
6,000,000 
12,000,000 
47,000,000 

Sioux  City  &  Pacific, 
Atlantic  &  Pacific,  . 
Southern  Pacific,     . 

Union    Pacific,    Central 
Branch, 

Texas  &  Pacific, 
Total  railroads, 

60,000 
25,000,000 
11,930,000 

245,16(5 
27,520,000 

140,297,166 

Total  grants  to  States  and  railroads,  to  June  30,  1886, 
203,626,379  acres. 


DISPOSALS  OF  PUBLIC  LANDS  FOR  Two  YKARS  KNDING 
JUNE  30,  1886. 


ACRES. 

1883. 

1886. 

Cash  entries,         .        .        •        
Homestead  entries,       
Timber-culture  entries,        
Agricultural  colleiro  scrip  locations,  . 
Locution*  with  military  bounty  land-warrants, 

3,912,450.49 
7,415,886.53 

4,755,005.57 
961.8:5 
26,833.18 
9,1*1.11 
•2,200.76 

299,239.68 
3,558,914.10 
881,850.21 
1,28643 
128,066.94 
7,94  1.  .".7 
3,637.77 

3,773,498.03 
9,145,135.76 
5,391,309.38 
159.18 
2S.016.05 

1,753.84 

31S.613.70 
2,311,537.30 
1,132,596.74 

410.00 
1.319.SW 
712.00 

Donation  entries,  
Stale  selections   (school,  swamp,  and  internal   im- 

Lands  selected  under  railroad  grants, 

Indian  lands,  sales  of  ,.         ...... 
Kntries  under  Settler's  Relief  Act,  etc.,   . 
VV'as?on-road  HcU-ctions,        
Private  land-claim  selections,     
Indian  homestead  entries,   

Total  number  of  acres  disposed  of  for  the  fis- 
cal year,       

Moneys  received  during  the  fiscal  year, 

20,995,515.59 
$8,628,420.18 

22,124,563.92 
$9,031,  084.34 

MAVERICK    NATIONAL    BANK. 


133 


FARM  STATISTICS. 

The  following  table  shows  the  total  acreage  in  farms, 
improved,  land,  etc.;  1850  to  1880:  — 


1850. 

1860. 

187O. 

1880. 

Total  acres  in  farm, 

293,560,614 

407,212,533 

407,735,041 

539,309,179 

Acres  improved,    . 

113,032,614 

163,110,720 

188,921,099 

284,771,042 

Number  of  farms,  . 

1,449,073 

2,044,077 

2,659,985 

4,008,907 

Average  size  of  farms,  . 

203 

199 

153 

134 

IMMIGRATION. 

The  following  tables  show  the  total  immigrant  arrival 
in  the  United  States,  by  years  and  by  countries,  1820  to 

1886:  — 

Arrivals  by  Years. 


YEAH. 

Total  Im- 
migrants. 

YEAR. 

Total  Im 
migrants. 

YEAR. 

Total  Im- 
migrants. 

YEAR. 

Total  Im- 
migrants. 

1820,     . 

8,385 

1838,  . 

38,914 

1855,  . 

200,877 

1872,  . 

404,806 

1821,     . 

9,127 

1839,  . 

68,069 

1856,  . 

195,857 

1873,  . 

459,803 

1822,     . 

6,911 

1840,  . 

84,066 

1857,  . 

246,945 

1874,  . 

313,339 

1823,     . 

6,354 

1841,  . 

80,289 

1858,  . 

119,501 

1875,  . 

227,498 

1824,     . 

7,912 

1842,  . 

104,565 

1859,  . 

118,616 

1876,  . 

169,986 

1825,     . 

10,199 

1843,  . 

52,496 

1860,  . 

150,237 

1877,  . 

141,857 

1826,     . 

10,837 

1844,  . 

78,615 

1861,  . 

89,724 

1878,  . 

138,469 

1827,     . 

18,875 

1845,  . 

114,371 

1862,  . 

89,007 

1879,  . 

177,826 

1828,     . 

27,382 

18-46,  . 

154,416 

1803,  . 

174,524 

1880,  . 

457,257 

1829,     . 

22,520 

1847,  . 

234,968 

1864,. 

193,195 

1881,  . 

669,431 

1830,     . 

23  30'-* 

1848,  . 

226,527 

1865,  . 

247,453 

1882,  . 

788,992 

1831,     . 

22,633 

1849,  . 

297,024 

1866,* 

167,757 

1883,  . 

603,322 

1832,     . 

60,482 

1850,  . 

369,980 

18G7,  . 

298,967 

1884,  . 

518,592 

1833,     . 

58,640 

1851,  . 

379,466 

1868,  . 

282,189 

1885,  . 

395,346 

1834,     . 

65,365 

1852,  . 

371,603 

1869,  . 

352,768 

1886,  . 

334,203 

1835,     . 

45,374 

1853,  . 

368,645 

1870,  . 

387,203 



1836,     . 

76,242 

1854,  . 

427,833 

1871,  . 

321,350 

Total, 

13,448,657 

1837,     . 

79,340 

•  Fiscal  year  ending  June  30. 


134 


MAVERICK   NATIONAL   BANK. 


Arrivals  by  Countries. 


GREAT  BRITAIN. 

894,444 

Rusria  
Spain,   .  •     .        .        .        . 

38,316 
28,091 

3,065.761 

Sweden  and  Norway, 

306,092 

Scotland,      .... 
Wales,  

159,547 
17,893 

Switzerland, 
Turkey,        .... 

83,709 
619 

Great  Britain,  not  specified, 
Total  from  British  Isles, 

Austria-Hungary, 

.500,453 
4.698,098 

65,588 
23,267 

Total  from  Europe, 
SUMMARY. 

8,746,921 
8,746,921 

48  C°0 

228  047 

313,716 

Africa            .... 

1,631 

Germany,     .... 
Greece,         .... 

3,002,027 
335 

British  America, 

568,941 

Italy  

70,181 

tries,  
Pacific,          .... 

97,007 
10,474 

Poland  

14.831 

All  other  

255,778 

Portugal,      .... 

9,062 

Grand  aggregate, 

9,908,799 

Prior  to  1820  no  official  records  of  arrivals  of  aliens 
were  kept.  It  is  estimated  that  the  total  number  arrived 
in  the  United  States  from  the  foundation  of  the  Govern- 
ment to  the  year  1820  was  250,000. 

The  nationality  of  immigrants  to  the  United  States  in 
the  year  ending  June  30,  1886,  was  as  follows  :  German, 
84,403;  Irish,  49, G19  ;  English,  50,803  ;  Scotch,  12,120  ; 
Swedish,  27,7-">l  ;  Italian,  21, .'515;  Norwegian,  12,359; 
Danish,  6,225  ;  Swiss,  4,805  ;  French,  3,318  ;  European, 
not  classified,  55, -104  ;  all  others,  5.668.  Of  the  whole 
number  of  immigrants  arrived  in  the  above-named  period, 
266,370  came  through  the  customs  district  of  New  York, 
25,046  through  Boston,  and  20.S22  through  Philadelphia. 

The  records  at  Castle  Garden,  New  York,  for  the  year 
ending  Dee.  31,  1886.  show  that  300,918  immigrants 
landed  at  the  port  of  Ne\v  York  during  that  period,  being 
19,748  more  than  in  1885. 


MAVERICK   NATIONAL   BANK. 


135 


Proportion  of  Total  European  Emigration  received  by 
the  United  States,  1820-1882. 

Of  the  seventeen  millions  of  emigrants  leaving  Europe 
between  1820  and  1882,  eight  and  one-half  millions  were 
from  Great  Britain  and  Ireland,  and  four  and  one-half 
millions  from  Germany.  Nearly  twelve  millions  came  to 
the  United  States,  and  almost  four  millions  went  to 
British  colonies. 

British  and  Germans  averaged  sixty  males  to  forty 
females ;  Spaniards  and  Italians  seventy  to  thirty  re- 
spectively. 

In  thirty-three  years  preceding  1883  there  were  2,412,- 
000  persons  evicted  in  Ireland,  and  3,130,000  emigrants 
therefrom. 

The  remittances  by  Irish  settlers  in  the  United  States 
to  their  friends  in  Ireland  between  1851  and  1881 
amounted  to  $100,000,000,  including  $7,500,000  sent  in 
1881. 


AGRICULTURAL  PRODUCTS  OF  THE  UNITED  STATES. 
The  following  table  gives  total  production  of  leading 
staples  for  five  years  to  Jan.  1,  1887  :  — 


1886. 

1885. 

1884. 

1883. 

1882. 

Wheat  (bush.), 

457,218,000 

357,112,000 

512,763,900 

421,086,160 

504,185,470 

Corn  (bush.),    • 

1,665,441,000 

1,936,176,000 

1,795,528,432 

1,551,066,895 

1,617,025,100 

Oats  (bush.),     • 

624,134,000 

629,409,000 

583,628,000 

571,302,402 

488,250,610 

Cotton  (bales),. 

6,550,215 

5,669,021 

5,714,052 

6,992,234 

5,465,845 

Tobacco  (Ibs.), 

485,000,000 

483,401,443 

541,504,000 

451,545,641 

513,077,558 

Wool,  (Ibs.),     . 

322,205,000 

329,600,000 

337,500,000 

320,400,000 

300,000,000 

Dressed      hogs 
(ent.  14  States, 
1886),      . 

7,000,000 

6,914,181 

6,447,398 

5,399,e64 

6,130,212 

136 


MAVERICK    NATIONAL    BANK. 


CHICAGO  PRICES. 

Highest  and  Lowest  and  Average  for  No.  2  Spring 
Wlieat,  1877-1886. 


« 

', 

4 

» 

«; 

M 

^ 

a 

« 

N 

/ 

3 

8 

$ 

« 

£ 

8 

f 

» 

« 

Low,     . 
High,    .        . 

69^ 
85 

73% 

69% 
96 

90 
113% 

91% 

140 

95% 
143  '.i 

132'  a 

ills 

77 
114 

iSS 

Average, 

77 

82% 

82J8 

101% 

113 

11  5  % 

105% 

99% 

06% 

127% 

Highest  and  Lowest  Prices  of  Corn,  1877-1886. 


« 

^ 

^ 

» 

^ 

J 

e 

«' 

» 

h. 

2 

OR 

4) 

« 

/ 

^ 

^ 

»- 

i 

90 

«6 

98 

on 

< 

te 

Low, 

32% 

34% 

34% 

46 

48% 

36 

31% 

29% 

29% 

37% 

High,    . 

45 

49 

87 

63 

76,% 

44% 

48 

42% 

58% 

WHEAT  CROPS  OK  THE  PRINCIPAL  GRAIN-GROWING 
NATIONS. 


COUNTRIES. 

Period. 

Average  Annual 
Yield. 

1886 

Bushels. 
457,218,000 

France,  
India,  
KusBia,  ......... 

1S72-83 
1884 
1884 

340,3->3,:»77 
252,0i  lO.iliM) 
±20,01111,000 

Italy  

1872-82 

146,173,  Sit 

Germany  
AiiHtriii-Hungary,  
Spain,  

1878-83 
1S74-S2 
1883 

1  17,780,50:. 
117,140,308 
117,000,000 

Urmt  Hritain,  
AiiHtralia  
Belgium,  ....  .... 
Turkey,  
Koininnia,  ......... 
Mexico,  
Xotherlandd,  ........ 

1S84 
1884 
1882 
1883 
1884 
1883 
1870-82 

85,0<  (0,000 
45,014,174 
42,37:1,34'.) 
40,0(Xi,00'i 
28,000,000 
12,466,421 
11,393,917 

Portugal,  
(>roeco,  
Sweden,  ......... 
Hcrrvla  

1877 
18S4 
1874-82 
1883 

8.72J.517 
6,  00'  i.OOO 
4,483,333 
4,000,000 

Norway,  
l>enmark  
Switzerland,  

1SS4 
1875-82 
1HS4 

2,750,000 
2,428,415 
2,000,000 

MAVEEICK   NATIONAL   BANK. 


137 


COTTON. 

Annual  Crops,  Exports,  and  United  States  Consumption 
of  Cotton,  1841-1886. 

[In  thousands  of  bales.] 


BCASON. 

Total 
Crop. 

EXPORTS. 

HOME  CONSUMPTION. 

To 
Great 
Britain. 

To 
Continent. 

Total 
Exports. 

Takings 
of 
Northern 
Mills. 

Takings  of 
Southern 
Mills 
andlUirnt. 

1841-42,     . 

1,684 

936 

529 

1,465 

268 

] 

184-2-43,     . 

2,379 

1,470 

540 

2,010 

325 

1843-44,     . 

2,030 

1,202 

427 

1,629 

347 

u 

1844-4T),     . 

2,394 

1,439 

645 

2,084 

389 

1 

1845-48,     . 

2,100 

1,102 

565 

1,667 

423 

1846-47,     . 

1,779 

831 

410 

1,241 

428 

1*47-48,    . 

2,423 

1,324 

534 

1,858 

532 

J          75 

1848-49,     . 

2,840 

1,538 

690 

2,228 

518 

112 

1849-50,     . 

2,204 

1,107 

483 

1,590 

488 

107 

1850-51,     . 

2,415 

1,418 

571 

1,989 

404 

60 

1851-52,    . 

3,126 

1,669 

775 

2,444 

588 

111 

1852-53,     . 

3,416 

1,737 

791 

2,528 

650 

153 

1853-54,     . 

3,075 

1,604 

715 

2,319 

592 

145 

1854-55,     . 

2,983 

1,550 

694 

2,244 

571 

135 

1855-56,     . 

3,665 

1,921 

1,034 

2,955 

633 

138 

1856-57,     . 

3,094 

1,429 

824 

2,253 

666 

154 

1857-58,     . 

3,257 

1,810 

780 

2,590 

452 

143 

1858-59,     . 

4,019 

2,019 

1,002 

3,021 

760 

167 

1859-60,     . 

4,861 

2,669 

1,105 

3,774 

793 

186 

1860-61,    . 

3,849 

2,175 

952 

3,127 

650 

193 

1861-Go.f  . 

- 

_ 

_ 

_ 

_ 

_ 

1865-66,     . 

2,'278 

1,262 

293 

1,555 

541 

127 

1860-67,     . 

2,233 

1,216 

341 

1,557 

573 

150 

1867-68,     . 

2,599 

1,228 

428 

1,056 

800 

168 

1868-69,     . 

2,434 

989 

458 

1,447 

822 

173 

1869-70,     . 

3,114 

1,475 

704 

2,179 

777 

80 

1870-71,     . 

4,347 

2,368 

800 

3,168 

1,072 

91 

1871-72,     . 

2,974 

1,474 

483 

1,957 

977 

120 

1872-73,     . 

3,874 

1,920 

756 

2,676 

1,063 

138 

1873-74,     . 

4,130 

1,852 

959 

2,811 

1,192 

128 

1874-75,     . 

3,831 

1,833 

841 

2,674 

1,071 

130 

1875-76,     . 

4,632 

2,005 

1,227 

3,232 

1,220 

134 

1876-77,     . 

4,474 

1,994 

1,034 

3,028 

1,302 

127 

1877-78,    . 

4,774 

2,047 

1,309 

3,356 

1,345 

151 

1878-79,     . 

5,074 

2,053 

1,413 

3,466 

1,375 

198 

1879-80,     . 

5,761 

2,554 

1,310 

3,864 

1,574 

223 

1880-81,     . 

6,606 

2,832 

1,733 

4,565 

1,713 

230 

1881-82,     . 

5,450 

2,295 

1,256 

3,551 

1,677 

287 

1882-83,     . 

6,950 

2,886 

1,838 

4,724 

1,759 

313 

1833-84,     - 

5,713 

2,485 

1,432 

3,917 

1,537 

346 

1SS4-85,     . 

5,706 

2,425 

1,495 

3,920 

1,437 

318 

1885-86,     . 

6,575 

2,565 

1,771 

4,336 

1,781 

385 

*  No  estimate. 


t  Civil  war;  no  record  of  cotton  movement. 


138 


MAVERICK    NATIONAL    BANK. 


New  York  Highest  and  Lowest  Prices  for  Spot  Middling 

Cotton,  1826  to  June  1,  1887. 

YKAB. 

High- 
est. 

Low- 
est. 

YKAR. 

High- 
est. 

Low- 
est. 

YKAB. 

Highest. 

Lowest. 

1826, 

14 

9 

1847, 

12 

7 

1868, 

33 

16 

1827, 

12 

8 

1848, 

8 

6 

1809, 

35 

25 

1828, 

13 

9 

1849, 

11 

6 

1870, 

25  Jt 

15 

1829, 

11 

8 

!800, 

14 

11 

1871, 

2HHX 

14?* 

183'  > 

13 

8 

1801, 

14 

8 

1872, 

27  ?; 

18  si 

1831, 

11 

7 

1802, 

10 

8 

1873, 

21  V 

1  3  *£ 

1832, 

12 

7 

1803, 

11 

10 

1874, 

18  ?£ 

l«f 

1833, 

17 

9 

1804, 

10 

3 

1875, 

I"1,' 

13  1-16 

1834, 

10 

10 

1800, 

11 

7 

1S76, 

10% 

1835, 

20 

15 

185^, 

12 

9 

1877, 

13  5-16 

10  13-16 

1830, 

20 

12 

1807, 

15 

13 

1878, 

12  3-16 

8  13-16 

1837, 

17 

7 

1808, 

13 

9 

1879, 

13*4 

9  '4 

1838, 

12 

9 

1809, 

12 

11 

1880, 

13'.; 

10  15-16 

183'.', 

10 

11 

1860, 

11 

10 

1881, 

13 

10  7-16 

1840, 

10 

8 

1801, 

2S 

11 

18*2, 

13  1-16 

10  '4 

1841, 

11 

9 

1802, 

68 

20 

18S3, 

ll'» 

10 

1842, 

9 

7 

186'!, 

88 

54 

1884, 

11  10-10 

9?4' 

1843, 

8 

fi 

1864, 

1.90 

72 

1885, 

11  5-10 

9 

1844, 

9 

5 

1S65, 

1.22 

33 

1880, 

9  9  16 

9  1-16 

1840,  . 

9 

4 

18<W, 

52 

32 

1887  (5mos.), 

11  '4 

9  '4 

1846,  . 

9 

6 

1807, 

36 

10.'; 

Consumption  of  Cotton  in  Millions  of  Pounds. 


1830. 

1810. 

1860. 

1870. 

1880. 

Great  Britain,     

2;,o 

454 

1,140 

1,101 

1,401 

United  States  

52 

135 

410 

530 

901 

Uermany  

56 

120 

2'JO 

200 

390 

France,         ...... 

87 

110 

210 

200 

:ijo 

102 

286 

2:i9 

(549 

007 

1  ,000 

2,380 

3,744 

It  appears  from  the  ultovo  that  llu1  cotton  industries  of 
America  have  increased  nearly  three  times  as  fast  as 
those  of  the  rest  of  the  world. 


MAVERICK   NATIONAL   BANK. 


139 


Cotton  Manufacture  in  the  United  States,  1881. 


S 

M               > 

a    ? 

a 

A 
00 

o 

a 
3  . 

o. 
O 

ta  . 
"3  S 

£s  I 

sjd 

o 

V- 

o 

_    z 

o 

t. 

o  | 

*M      . 

3^ 

0        | 

S^ 

M 
H 

1 

2|! 

as 

"8  § 

I! 

in 

§Is 

6 

a  a 

1 

1 

«sg 

fg 

8 

•30 

a 

30 

[000  omitted.] 

Me., 

24 

$15,092 

696,564 

15,978 

112,381 

11,843 

$2,946 

$6,234 

$13,459 

N.  H.,    . 

36 

19,517 

1,008,509 

25,503 

157,673 

16,637 

4,284 

8,629 

17,848 

Vt., 

7 

936 

55,081 

1,180 

7,404 

735 

161 

458 

730 

Mass.,    . 

175 

72,896 

4,276,723 

95,671 

574,857 

61,939 

15,857 

31,107 

72,035 

R.I  ,      . 

115 

29,048|  1,648,917 

29,881 

167,480 

21,918 

5,468 

10,457 

23,170 

Conn.,    . 

81 

20,100 

933,540 

18,161 

109,703 

14,419 

3,494 

6,281 

15,775 

N.  Y.,     . 

36 

11,179 

573,390 

12,575 

64,614 

9,379 

1,968 

3,981 

8,346 

N  J.,     . 

18 

3,268 

232,221 

3,180 

21,069 

4,273 

1,156 

1,319 

4,568 

Pa., 

55 

10,249      425,247 

8,211 

83,997 

10,024 

2,464 

4,749 

10,912 

Del.,       . 

9 

8791       48,858 

786 

7,512 

695 

145 

427 

1,308 

Md., 

20 

4,600 

125,706 

2,425 

51,537 

4,168 

765 

2,780 

4,682 

Va, 

7 

1,115 

44,340 

1,322 

11,461 

1,112 

169 

601 

1,037 

N.Car., 

49 

2,858 

100,209 

1,770 

27,642 

3,270 

438 

1,125 

2,528 

8.  Car.,  . 

15 

2,768 

92,424 

1,676 

33,624 

2,197 

340 

1,723 

3,750 

Ga., 

41 

6,363 

199,578 

4,390 

71,389 

6,372 

1,119 

3,591 

6,216 

Fla., 

1 

11 

816 

- 

350 

33 

5 

16 

25 

Ala., 

15 

1,186 

49,432 

863 

14,702 

1,490 

225 

729 

1,228 

Miss., 

6 

951 

18,568 

644 

6,411 

716 

133 

301 

679 

La., 

2 

195 

6,096 

120 

1,354 

108           12 

68 

82 

Tex.,      . 

2 

50 

2,648 

71 

246 

71 

2 

11 

21 

Ky.,       . 

S 

360 

9,022 

73 

4,050 

354 

63 

188 

418 

Tenn.,    . 

16 

1,140 

39,236 

80R 

10,436 

998 

180 

508 

921 

Ark.,      . 

2 

75 

2,015 

28 

680 

64 

12 

25 

50 

0., 

4 

670 

14,328 

42 

5,323 

484 

104 

258 

637 

Ind.,       . 

4 

1,090 

33,396 

776 

11,558 

720 

162 

679 

1,155 

Ills., 

2 

240 

4,860 

24 

2,261 

237 

47 

110 

219 

Mo., 

1 

690 

19,312 

431 

6,399 

515 

97 

336 

522 

Mich.,     . 

1 

20 

5,100 

131 

600 

88 

16 

36 

70 

Wis  ,      . 

2 

202 

10,240 

400 

3,173 

277 

67 

180 

328 

Minn.,    . 

1 

5 

1,708 

24 

400 

22 

6 

22 

35 

Utah,      . 

1 

20 

432 

14 

56 

OQ 

2 

3 

7 

Total,  . 

751 

$207,781 

10,678,516 

227,156 

1,570,342175,187 

$41,921 

$86,945 

$192,773 

WOOL. 

The  following  table  shows  the  estimated  wool  product 
of  the  United  States  for  five  years  to  Jan.  1,  1887,  in 
millions  of  pounds  :  — 


18S6. 

1885. 

1884. 

1883. 

1883. 

Iowa,     Missouri,     Minnesota     and 

States    east   of    the     Mississippi, 

except   lower   Southern, 

160 

165 

180 

177 

166 

California,   

40 

36 

37 

40 

39 

Oregon,   and  other  Western  States 

and  Territories,       .... 

56 

55 

45 

37 

30 

Colorado  and  New  Mexico, 

24 

26 

25 

21 

20 

Texas,  

26 

31 

35 

31 

31 

Georgia,  Lake,  Sonthern,  . 

16 

16 

15 

12 

12 

Total,    

322 

329 

337 

320 

300 

CHAPTER    XII. 


COAL  AND  IRON  IN  THE  UNITED  STATES. 


Discovery  and  Early  History  of  Coal. — Early  Production  of  Pig  Iron.  —  Prog- 
ress of  Steel  Manufacture.  —  Manufacture  of  Iron  and  Steel  Rails.  —  Iron 
Shipbuilding. —  Coal  Statistics,  1830-1887.  — Pig-iron  Statistics,  1S54-1S87.— 
Stee!  and  Steel  Hails  Statistics,  1S80-1SS7.  Imports  and  Exports,  Iron  and 
Steel,  1S79-18S7. —  Furnaces  of  the  United  States. 

COAL. 

The  first  coal  discovered  iu  America  was  by  Father 
Ilennepin,  near  Ottawa,  111.  Anthracite  from  Wyoming 
Valley,  Pa.,  was  used  by  local  smiths  as  early  as  17(58. 
In  177(>,  anthracite  was  floated  down  the  Susquehanna 
from  Wilkesbarre  to  Carlisle,  where  it  was  used  in  the 
government  arsenal.  In  1791,  a  hunter  discovered  the 
Lehigh  deposits,  and  a  quarry  was  opened  in  the  same 
year.  In  180:3,  one  hundred  tons  were  brought  to  Phila- 
delphia, but  it  was  not  burned.  In  1812,  a  quantity  was 
sold  at  Schuylkill  Falls,  at  S21  per  ton,  and  the  way  to 
utilize  it  was  discovered.  It  was  first  mined  in  1813, 
when  five  boat-loads  were  floated  down  the  Lehigh  River 
and  sold  in  Philadelphia  for  about  8-0  per  ton.  In  1820, 
regular  shipments  began  from  the  Pennsylvania  mines, 
when  the  regular  product  was  about  two  thousand  tons. 


MAVERICK   NATIONAL    BANK.  141 

Pennsylvania  also  produces  the  largest  quantities  of 
bituminous  coal,  Ohio,  Illinois,  and  West  Virginia  coming 
next  on  the  list. 

PIG  IRON. 

The  first  discovery  of  iron  ore  by  Europeans  in  the 
United  States  was  made  in  North  Carolina  in  1585  by 
Raleigh's  expedition.  In  1608,  iron  was  first  made  from 
American  ore,  which  was  shipped  to  England.  In  1619, 
iron  works  were  established  on  Falling  Creek,  Va.  ;  but 
they  were  destroyed  in  1622  by  the  Indians,  and  never 
rebuilt.  The  first  successful  works  in  the  colonies  were 
established  in  Massachusetts,  on  Saugus  River,  Lynn, 
in  1643,  by  John  Winthrop.  They  comprised  a  blast 
furnace  and  a  refinery  forge.  Other  early  enterprises 
were  located  at  Braiutree,  Tauntou,  and  other  places  ;  and 
for  a  hundred  years  after  its  settlement  Massachusetts 
led  iron  manufacturing  on  this  continent.  In  1731  there 
were  six  furnaces  and  nineteen  forges,  and  in  1784 
seventy-six  iron  works,  in  the  State. 

In  1728-29,  Pennsylvania  exported  two  hundred  and 
seventy-four  tons  of  pig  iron  to  England. 

Since  the  middle  of  the  eighteenth  century,  Pennsyl- 
vania has  been  the  foremost  iron-making  State  in  the 
Union.  In  recent  years  it  has  produced  one-half  of  all 
the  pig  iron,  nearly  one-half  of  all  the  rolled  iron,  and 
more  than  one-half  of  all  the  steel  made  in  the  United 
States.  In  1870  and  1880,  Ohio  ranked  second  and  New 
York  third  in  the  list  of  iron  and  steel  producing  States. 

Prior  to  1830,  charcoal  iron  was  principally  made,  but 
about  that  time  the  rolling-mills  began  puddling  iron  ex- 
tensively. About  1840,  the  introduction  of  bituminous 
and  anthracite  coal  in  the  blast  furnace  revolutionized 
the  iron  industry  of  the  country.  Most  of  the  charcoal 
furnaces  in  Pennsylvania  have  been  abandoned.  Still, 


142  MAVERICK    NATIONAL    BANK. 

the  country  at  large  annually  makes  more  charcoal  pig 
than  in  1840  or  in  any  preceding  year,  as  the  fuel  is  still 
employed  in  thickly-wooded  localities  which  lack  coal. 
Anthracite  pig  was  first  successfully  made  in  1836,  by 
Dr.  Geissenhainer,  in  Schuylkill  Co.,  Pa. 

Bituminous  coal  was  not  used  to  any  great  extent  until 
after  1850.  In  1849  there  was  not  a  coke  furnace  in 
Pennsylvania ;  but  in  1856  there  were  twenty-one  in 
that  State  and  three  in  Maryland.  Even  us  late  as  1865 
only  100,000  tons  of  coke  were  used  in  the  blast  furnaces 
of  the  United  States,  while  in  1880  the  quantity  had  in- 
creased to  2,128,255  net  tons. 

STEEL. 

Aaron  Eliot  of  Connecticut  is  the  first  steel  maker  on 
record  in  the  United  States  prior  to  1750.  In  that  year 
Massachusetts  had  one  steel  furnace,  New  Jersey  one, 
and  Pennsylvania  three.  In  1805,  the  latter  State  had 
two  furnaces,  producing  150  tons  of  steel  annually.  This 
was  all  common  blister  steel.  Until  1831,  the  first  qual- 
ities were  imported  from  Europe  ;  but  the  product  of 
furnaces  in  Pittsburg,  New  York,  and  Connecticut  then 
began  to  equal  the  best  English  article.  From  that  time 
much  progress  has  been  made. 

Bessemer  steel  was  first  made  in  this  country  by 
William  F.  Durfec,  at  AVyandotte,  Mich.  In  1SS-1, 
twenty-two  Bessemer  steel  works  had  been  built  in  the 
United  States,  of  which  two  had  been  abandoned,  one 
was  being  built,  twenty,  employing  forty-five  converters, 
were  in  operation.  The  first  Bessemer  steel  rails  were 
rolled  at  the  North  Chicago  Mills,  in  May,  1865,  as  an 
experiment;  and  the  first  in  the  way  of  regular  business, 
by  the  Cambria  Iron  Company,  at  Johnstown,  Pa.,  in 
August,  1867. 


MAVERICK   NATIONAL    BANK.  143 


IRON  AND  STEEL  RAILS. 

The  rails  used  on  the  early  American  tramways  and 
steam  railroads  were  made  of  wood  strapped  with  iron. 
Wrought-iron  rails,  imported  from  England,  were  first 
used  in  this  country  on  the  Baltimore  and  Ohio  road  in 
1832.  Flat  cast-iron  rails  were  made  in  1841  at  Potts- 
ville,  Pa.  ;  but  no  T  rails  were  rolled  until  1845.  Rolling- 
mills  at  Danville,  Pa.,  were  erected  expressly  for  that 
purpose.  The  first  thirt}T-foot  rails  rolled  in  this  country 
were  made  at  Johnstown,  Pa.,  in  1855.  As  there  was  no 
demand  for  them,  the  Cambria  Iron  Company,  the  manu- 
facturers, used  them  in  their  own  tracks  ;  and  it  was  not 
until  1859  that  rails  of  this  length  were  rolled  on  order. 
The  Edgar  Thomson  Steel  Company,  near  Pittsburg, 
rolled  the  first  sixty-foot  rails,  in  1875. 

IRON   SHIPBUILDING. 

The  first  iron  vessel  in  the  United  States  was  built  at 
Pittsburg,  in  1839,  —  a  steamboat  called  the  Valley  Forge. 
Others  were  subsequently  constructed  there,  among  them 
a  schooner,  for  ocean  service,  and  a  steamer,  the  Michi- 
gan, for  service  on  the  lakes.  Both  were  built  by  govern- 
ment order  about  1842.  In  the  same  year,  Capt.  John 
Ericsson  designed  four  propeller  steamers  for  the  Dela- 
ware and  Raritau  Canal,  each  96  feet  long,  24  feet  beam, 
and  7  feet  deep;  and  in  1843  he  built  the  revenue  pro- 
peller Legare,  for  revenue  service,  150  feet  long,  26  feet 
beam,  and  10  feet  deep  ;  also  four  propellers  for  the  Erie 
Canal,  each  80  feet  long,  14  feet  beam,  and  6  feet  deep, 
and  other  canal  steamers.  In  1846,  the  iron  passenger 
steamer,  for  Hudson  River  service,  the  Iron  Witch,  220 
feet  long,  27  feet  beam,  and  13  feet  deep,  was  built  at 
New  York,  from  Captain  Ericsson's  designs.  Prior  to 


144 


MAVERICK   NATIONAL    BANK. 


1845  two  vessels  of  considerable  dimensions  were  also 
built  at  Boston  ;  but  this  branch  of  industry  made  slow 
progress  until  the  opening  of  the  civil  war.  In  18G8,  five 
iron  steamships  were  built  for  ocean  service ;  and  since 
that  year  over  three  hundred  have  been  built,  mostly  at 
shipyards  on  the  Delaware.  Four  fine  iron  steamers, 
having  a  tonnage  of  3,100  each,  were  built  of  Pennsyl- 
vania iron  for  the  American  Steamship  Company  in  1871, 
1872,  and  1873,  at  Philadelphia,  by  the  Cramps.  In  1872, 
Roach  built  the  City  of  Tokio  and  City  of  Pekrn,  regis- 
tering 5,000  tons  each,  for  the  Pacific  Mail  Company. 

COAL  STATISTICS. 

Total  Coal  Production   of  the   United   States,  Anthracite 
and  Bituminous,  1870-1886. 

[Saward's  estimates.] 


1886,    

106,780,033 

1880     

102,124,654 

]884      

99,443,062 

63,773,603 

1870  (census  report),         

29.W2.581 

Anthracite  Coal  Production  of  Pennsylvania,  1830-1886. 


YKARS. 

Total 
Gross  Tons. 

YEARS. 

Total 
Gross  Tons. 

1830,  
1840  
1850,  
ISfiO,  .  .  .  . 

174,734 
804,379 
3.358,899 
8  513,123 

1877  
1878  
1879  
1880  

20,828,179 
17,605,202 
26,142,li89 
23,437,242 

1870,  

16.182,191 

1881,  

28,500,017 

1871  
1872  
1873,  
1874  
1875,  .  ... 

i:i,(V.i'J.721 
19.0tt»,77S 
21,227,952 
20,145,121 
19,712,472 

1882,  
1SS3  
18S4  
1885  
188(5  

29,120,096 
31,793,027 
30.71S.293 
31,623,530 
32,136,302 

1876  

18,501,001 

1887  (5  months), 

12,439,916 

MAVERICK   NATIONAL    BANK. 


145 


Production  of  Coal  in  Great  Britain,  1854-1886. 


YEARS. 

Gross  Tons. 

YEARS. 

Gross  Tons. 

1854, 
1860  

65  millions. 
80        " 

1880,        .... 
1883,        .... 

147  millions. 
164        " 

1870,         .... 

110        " 

1886  

158        " 

IRON  STATISTICS. 

Annual  Production   of  Pig  Iron  in  the   United  States 
since  1854. 

[Statistics  of  the  American  Iron  and  Steel  Association.] 


NET  TONS  OF  2,000  POUNDS. 


YEARS. 

Anthracite, 
and  mixed 
Anthracite 
and  Coke. 

Charcoal. 

Coke  and  Raw 
Bituminous. 

Total. 

1854,        .... 

339,435 

342,298 

54,485 

730,218 

1860,        .... 
1864  
1865  
1870  
1875,        .... 
1880  
1881,        .... 

519,211 
684,018 
479,558 
930,000 
908,046 
1,807,651 
1,734,462 

278,331 
241,853 
202,342 
365,000 
410,990 
537,558 
638,838 

122,228 
210,125 
18J.GS2 
570,000 
947,545 
1,950,205 
2,268,264 

919,770 
1,135,996 
931,582 
1,865.000 
2,206.581 
4,295,414 
4,641,564 

1882  
1883  
1884  
1835  
1886  

2,042,138 
1,885,596 
1,586,453 
1,454,390 
2,099,597 

697,906 
571,726 
458,418 
399,844 
459,557 

2,438,078 
2,689,650 
2,544,742 
2,675,635 
3,806,174 

5,178,122 
5,146,972 
4,589,613 
4,529,809 
6,365,328 

In  1854  this  country  made  more  pig  iron  with  charcoal 
than  with  anthracite  coal,  and  the  manufacture  of  pig 
iron  with  bituminous  coal  had  but  just  begun.  The  very 
next  year  charcoal  was  passed  by  anthracite,  and  in  1869 
it  was  passed  by  bituminous  coal.  Anthracite  continued 
the  leading  fuel  until  1875,  when  it,  too,  was  passed  by 
bituminous  coal,  which  has  since  continued  to  be  the 
favorite  blast-furnace  fuel,  and  is  doubtless  destined  to 
BO  remain. 


146 


MAVERICK    NATIONAL    BANK. 


Production  of  all  Kinds  of  l>i<j  Iron,  by  States,  1882-86. 

[Statistics  of  American  Iron  and  Steel  Association.] 


N'KT  TOS3  OF  2,000   I'OUN-DS. 


STATES. 

1888. 

1883. 

1884. 

188.1. 

1886. 

Maine, 

4,100 

4,400 

_ 

440 

5,060 

Vermont,  . 

1,100 

- 

- 

— 

- 

Massachusetts, 

10,335 

10,760 

4,902 

869 

8,124 

Connecticut, 

24,34'-' 

19,976 

14,174 

17,500 

19,390 

New  York, 

410.J56 

33  1.964 

239,486 

160,157 

233,618 

New  Jersey, 

176,805 

138,773 

82,935 

73,007 

157,886 

Pennsylvania, 

2,449,256 

2.63S.S91 

2,385,402 

2,445,400 

3,293,289 

Maryland,. 

51,524 

49,153 

27,342 

17,299 

30,502 

Virginia,    . 

87,731 

152,907 

157,483 

163,782 

156,250 

North  Carolina 

1,150 

- 

435 

1,790 

2,200 

Georgia,     . 

42,440 

4,r.,364 

42,655 

32,924 

46,490 

Alabama,  . 

112,76') 

172,405 

189,064 

227,438 

283,859 

Texas, 

1,321 

2.381 

5,140 

1,843 

3,250 

West  Virginia, 

73,220 

8S,:!93 

55,231 

69,007 

98,618 

Kentucky, 

60,522 

54,ii29 

45,052 

37,553 

54,844 

Tennessee, 

137,602 

133,963 

134,597 

101.199 

199,166 

Ohio,. 

603,900 

679,154.3 

567,113 

553,963 

908,094 

UiiM-ina, 

10,000 

9,'J.")0 

2.5GS 

6,03-1 

16,060 

Illinois,       . 

360,407 

237,657 

327,563 

327,977 

501,795 

Michigan,  . 

210,195 

173,!  8-') 

172,834 

113,121 

190,  734 

Wisconsin, 

8.~>,S59 

51,893 

52,815 

24,032 

65,933 

Missouri,    . 

113,  614 

103,296 

60,043 

51,403 

74,523 

Minnesota, 

8,126 

8,000 

- 

- 

- 

Utah  Territory 

57 

- 

- 

- 

- 

Colorado,  . 

23,718 

24,680 

15,837 

5,481 

10,451 

Oregon, 

6,700 

7,000 

3,040 

3,832 

- 

California, 

987 

5,237 

2,157 

— 

1  ,750 

Wash'ng'uTer. 

- 

2,317 

540 

1,857 

2,842 

Total,  . 

5,178,122 

5,146,972 

4,589,613 

4,529,809 

6,365,328 

Our  production  of  iron  ore  in  1886  was  much  larger 
than  in  any  previous  year,  amounting  in  round  numbers 
to  ten  million  gross  tons.  The  Lake  Superior  region 
still  remains  our  most  important  source  of  domestic 
supply.  In  1880  this  district  shipped  3,502,570  gross 
tons,  an  increase  of  1,100,022  tons  over  the  2,450,548 
tons  shipped  in  1M85. 

Of  the  total  production  of  pig  iron  in  1880.  Pennsyl- 
vania produced  51.7  por  cent.;  Ohio,  11.2  per  cent.; 
Illinois,  7.8  per  cent.  ;  and  Alabama,  4.4  per  cent.  No 
other  State  produced  as  large  a  percentage  as  Alabama. 


MAVERICK   NATIONAL    BANK. 


147 


Production  of  Iron  and  Steel  and  Iron  Ore  in  1886. 

IN   COMPARISON   WITH   THAT  OF    1885   AND   OF   1876. 


PEODCCTS:  Net  Tons  (except  Nails). 

1886. 

1885. 

Increase 
per  Cent. 

1876. 

Pig  iron, 

6,365,328 

4,529,869 

40 

2,093,236 

Bessemer  steel  ingots, 

2,541,493 

1,701,762 

49 

525,996 

Bessemer  steel  rails,    . 

1,763,667 

1,074,607 

64 

412,461 

Open-hearth  steel  ingots, 

245,250 

149,381 

64 

21,400 

Open-hearth  steel  rails, 

5,255 

4,793 

9 

None. 

Crucible  steel  ingots,  . 

80,009 

64,511 

25 

39  38'^ 

All  kinds  of  rolled  iron,  except  rails 

2,259,043 

1,789,711 

26 

1,042!  ibi 

Iron  rails,     .... 

23,079 

14,815 

80 

467,168 

Kegs  of  iron  and  steel  cut  nails 

8,160,973 

6,696,815 

22 

4,157,814 

Blooms  from  ore,  pig  iron,  and  scrap 

41,909 

41,700 

- 

44,628 

Annual  Production  and  Average  Price  of  Bessemer  Steel 
Rails  in  the  United  States  since  1867,  in  Gross  Tons, 
and  Rates  of  Duty  imposed  on  Foreign  Rails. 


YEARS. 

Production  in 
Gross  Tons. 

Price  in 
Currency. 

Duty. 

1867, 

2,277 

$166  00 

1868, 

6,451 

158  60 

45  per  cent. 

1869, 

8,616 

132  25 

ad  valorem. 

1870, 

30,357 

106  75 

1871, 

34,152 

102  50 

1872, 

83,991 

112  00 

1873, 

115,192 

120  50 

$28     per    ton 

1874, 

129,414 

94  50 

to   Aug.    1, 

1875, 

259,699 

68  75 

1S72;  $25.20 

1876, 

368,269 

59  25 

to  March  3, 

1877, 

385,865 

45  50 

'     1875;     $28 

1878, 

491,427 

42  25 

from    that 

1879, 

610,682 

48  25 

date  to  July 

1880, 

852,196 

67  50 

1,  1883. 

1881, 

1,187,770 

61  13 

1882, 

1,284,067 

48  50 

j 

1883, 

1,148,709 

37  75 

} 

1884, 

996,983 

30  75 

$17     per     ton 

1885,         

959,471 

28  50 

>     from  July  1  , 

1886,         

1,574,703 

34  50 

1883. 

1887  (March)  

39  50 

J 

The  lowest  average  annual  price  at  which  Bessemer 
steel  rails  have  been  sold  iu  this  country  was  reached  in 
1885,  namely,  $28.50,  but  sales  were  made  at  still  lower 
figures  in  both  1884  and  1885. 


148 


MAVERICK    NATIONAL    BANK. 


Approximate  Consumption  of  Hails  in  United  titatex, 
1867-1886. 


YEAKS. 

Made  in 

United  States. 

IMPOHTKD. 

Approximate 
Consumption. 
Net  Tons. 

Iron. 

Steel. 

1867  
188S,  

462,108 
506,714 
593,586 
620,000 
775,733 
1,000,000 
890,077 
729,413 
792,512 
879,629 
764,709 
882,685 
1,113,273 
1.461,837 
1,844,100 
1,088,794 
1,360,694 
1,144,851 

163 
250 
313 

39!) 
566 
381,064 
99.2H1 
7,796 
1,174 
287 
None. 
None. 
19,1)90 
13-2,409 
137,013 
41,992 
757 
94 
67 
7 

049 
081 
163 
153 

202 
149,786 
159,571 
100,515 
18,274 
None. 
35 
10 
25,057 
15S,2!JO 
249,:J08 
182,135 
38,220 
3,074 
2,395 
46,571 

756,795 
906,749 
1,019,153 
1,341,935 
1,530,850 
1,148,849 
837,724 
811,960 
879,916 
764,744 
882,695 
1,157,420 
1,752,526 
2,230,421 
1,912,921 
1,399,671 
1,148,019 
1,096,667 
1,839,179 

1869,  
1870  
1871, 

1872,  .  ... 
1873  
1874,  
1875,  
1876  
1877,  
1878,  
1879  
1880, 

1881,  
1882,  
1883,  
1884,  

1885  
1886  

1,094,215 
1,792,601 

IMPORTS,  MANUFACTURED  IKON  AND  STEEL  AND  IKON  ORE, 

1879-1886. 


MANUFACTURED  IRON  AND  STEKL. 


Years. 

Net  Tons. 

Viilucs. 

Years. 

Ciross  Tons. 

1879,    . 

862.3S2 

$33,.'K1,OG9 

1S79  

284,141 

1880,   . 

•2,112,341 

80,44:5,302 

1880,         .... 

493,408 

18S1,    . 

1,322,439 

61,555,077 

1881  

782,887 

1882,   . 

1,335,371 

67,07:>,12.") 

1SS-2  

589,65'. 

1883,   . 

777,650 

47,.  '.00,306 

1SH3  

490,875 

18S4,   . 

733,260 

37,078,122 

188-4,          .... 

487,820 

1885,    . 

647,895 

31,ll4,r,.V2 

1SS5,          .... 

390,786 

1886,    . 

1,230,393 

41,6(1.1,779 

laso  

1,039,433 

IRON  OR*. 


MAVERICK    NATIONAL    BANK. 


149 


EXPORTS,  MANUFACTURED  IRON  AND  STEEL,  1879-1886. 


YEARS. 

Values. 

YEARS. 

Values. 

1879  
1880  

$14,223,646 
15,156.703 

1883  
1884  

$22,716,040 
19,290,895 

1881  

18,216,121 

1885,        .... 

16,622,511 

1882  

22,348,838 

1886  

14,865,087 

The  tonnage  of  the  above  exports  are  not  given,  nor 
statistics  of  our  insignificant  exports  of  iron  ore. 


IRON  FURNACES  OF  THE  UNITED  STATES. 

[May  1,  1887,  compared  with  same  date,  18S6.] 


May  1,  1887. 

May  1,  1886. 

Increase. 

Anthracite  : 

In  blast,        

137 

119 

18 

Weekly  capacity  (tons)  

43,802 

36,924 

6,878 

Bituminous  and  coke: 

In  blast,        

148 

129 

19 

\Veekly  capacity  (tons)  

83,509 

67,888 

15,621 

Total  : 

In  blast,        

285 

248 

37 

Weekly  capacity  (tons)  ,     .        .         .        . 

127,311 

104,812 

22,499 

Compared  with  April  1,  there  is  a  decrease  of  two 
furnaces  in  blast,  but  an  increase  in  weekly  capacity  of 
1,930  tons.  The  production  of  pig  iron  during  the  first 
four  months  of  1887  is  estimated  at  715,234  tons  of 
anthracite  and  1,321,418  tons  of  bituminous  iron;  total, 
2,036,652  tons,  or  at  the  rate  of  6,100,000  tons  for  the 
year,  exclusive  of  charcoal  iron.  Another  estimate  for 
the  year,  embracing  all  classes  of  pig,  puts  the  figures  at 
7,840,000  tons. 


CHAPTER    XIII. 


ELECTRICAL  DEVELOPMENT. 


Telegraph  Statistics  of  the  United  States  and  of  the  World.—  Cable  Systems 

of  the  World.  — Their  Capitalization,  Length,  etc. 
Telephone  Systems  of  the  United  States  and  of  the  World.  — Miles  of  Wire, 

Exchanges,  Subscribers,  Telephones  in  Use,  etc. 
The  Electric  Light.  —  Capital  invested  in  Manufacturing  and  in  Local  Plants  in 

the  United  States  — Growth  of  Electric  Lighting  since  1880.  —  Its  Cost  as 

compared  with  Gas.  —  Electric  Lighting  of  Railway  Trains,  etc. 
Electric  Railways  — Systems  in  Use.  —  Electric  Railway   Systems  of   Europe 

and  the  United  States,  and  their  Physical  and  Financial  Details. 
Chronology  of  Electrical  Science  from  1600  to  1886. 

TELEGRAPHS. 

The  power  of  transmitting  electricity  was  discovered 
in  1727.  Franklin  and  English  scientists  experimented 
twenty  years  later  In  1758,  Alexander  Marshall  in- 
vented a  plan  for  telegraphic  communication  ;  in  1774, 
Lcsagc,  a  Swiss  physician,  operated  an  apparatus.  The 
discovery  of  galvanism  in  1790  gave  telegraphy  an  im- 
pulse, and  two  unsuccessful  plans  were  devised.  Morse 
invented  the  first  practical  system,  in  1832,  and  con- 
structed a  working  model  in  1835,  which  he  patented  two 
years  later.  Professor  Weber  built  the  first  laud  line, 
6,000  feet  long,  at  Gottingen,  in  1833.  The  earliest,  in 
England,  built  in  1839,  extended  from  Paddington  Sta- 


MAVERICK   NATIONAL.   BANK. 


151 


tion,  London,  to  West  Dray  ton,  thirteen  miles.  In  July, 
1844,  a  line  was  built  from  Washington  to  Baltimore, 
which  was  extended  during  the  next  year  to  New  York 
and  Boston.  The  first  company  was  the  Magnetic  Tele- 
graph Company.  Meantime  several  lines  were  constructed 
in  England,  but  the  first  company  was  not  incorporated 
until  1846.  In  1880  there  were  seventy-seven  distinct 
telegraph  systems  in  the  United  States. 

The  following  table  gives  dates  of  earliest  telegraph 
construction  by  the  principal  nations  of  Europe.  The 
systems  are  all  under  government  control. 


COUNTRT. 

Date. 

Eoute  of  Line. 

France,         

1845, 

Paris  to  Rouen. 

1849, 

Mayence  to  Frankfovt-on-the  Main. 

1851, 

Switzerland,        .... 

1852, 

Holland,       

1852, 

- 

Sweden,       

1853, 

Stockholm  to  Upsala,  60  miles. 

Russia,          

1853, 

St.  Petersburg  to  Cronstadt. 

1854, 

1855, 

152 


MAVERICK   NATIONAL   BANK-. 


TELEGRAPH  STATISTICS  OF  THE  WORLD. 


COCNTKIES. 

Year. 

Miles 
of  Linei. 

Miles 
of  Wires. 

Number  of 
Messages. 

Austria-Hungary  

1883 
1883 

33,712 
5,215 

98,065 
22,848 

10,170,894 

Belgium,      
Brazil,  

1885 
1885 

3,749 
5,800 

17,587 

5,788,07] 

331  884 

1883 

23,320 

Cape  of  Good  Hope  
Chili,    .        .                 .... 
China,  
Colombia,    
Cuba,    
Denmark  
Dutch  Ka*t  Indies  
Egypt,  ....... 

1885 
1885 
1885 
1883 
1882 
1884 
1883 
1886 

4,219 
7,625 
3,089 
2,357 
2,835 
2,360 
5,;  62 
2,701 

5,482 

5,987 
6,532 

5,221 

740,791 
478,289 

288,876 

1,297,434 
383,501 

France,         .                         ... 
Germany  
Great  Britain  and  Ireland, 

1834 
1884 
1886 
1885 

56,545 
49,728 
28,500 
3,720 

205,470 
180,000 
158,568 
4,570 

29,452,708 
18,849,855 
33,278,459 
627,693 

Guatemala,  
India,  British,     
Italy,    
Japan,  
Mexico,        ...... 

1884 
18S4 
1884 
1884 
1884 

2,880 
23,341 
17,816 
5,000 
19,000 

68,694 

13,481 
58.KOO 

223,994 
1,837,048 
6,778,717 
2,731,810 

1885 

2,838 

10  318 

3  320,869 

New  (south  Wales  
New  Zealand,      
Norway  

1884 
1885 
1885 
18S5 

10,000 
4,264 
5,563 
3,824 

18,681 
10,474 
9,9.r>8 
6  124 

2,334,052 
1,654,305 
950,018 

1884 

3,045 

7,257 

1,727,293 

1885 

6.979 

11,300 

1,012,255 

Houmania  

1884 
1883 

3,256 
05,394 

6,800 
146,690 

1,203,500 
10,222,139 

South  Australia,          .... 
Spain  
Sweden,       ...... 

1885 
1883 
1885 

5,291 
10,733 
4,102 

9,067 
26,160 
13,044 

3,019,831 
1,178,959 

Switzerland,        
Turkey  
United  States,      
Victoria,      

1885 

1884 
1886 
1885 

4,300 
14,617 
21S.247 
4,0'JO 

10,386 
26.0CO 
667,710 
8,055 

2,942,767 
1,259,133 
72,000,000 
1,594,296 

Total  miles  of  line  for  the  world,  including  22  coun- 
tries not  given  in  detail  above,  710,096. 

PROGRESS  OF  TELEGRAPHY  IN  GREAT  BRITAIN. 

1870-1887. 

When  the  British  government  assumed  control  of  the 
private  telegraphic  enterprise  in  1870,  there  were  2,932 
telegraph  offices  in  the  United  Kingdom,  and  at  the  end 
of  March,  1887,  there  were  f>,">14  offices.  In  the  finan- 
cial year  1870-71,  the  post  office  controlled  69,000  milt's 


MAVERICK   NATIONAL    BANK. 


153 


of  wire,  over  which  9,850,000  public  messages  were  sent, 
bringing  in  gross  receipts  of  £612,000,  the  working  ex- 
penses being  £350,000.  This  contrasts  with  the  fiscal 
year  1885-86  of  170,000  miles,  39£  millions  of  messages, 
£61,800,000  receipts,  with  expenditure  in  excess  of 
receipts  consequent  on  exceptional  outlay.  It  is  esti- 
mated that  one  result  of  the  halfpenny  per  word  tele- 
gram will  be  a  great  increase  in  the  number  of  messages. 
This  year  it  is  anticipated  that  the  total  number  will 
probably  exceed  52,000,000. 

In  London  there  are  255  miles  of  pipes  containing 
telegraph  wires,  which  represent  a  total  of  12,212  miles. 
Beyond  this  there  are  868  miles  of  what  is  termed 
"  open  "  wire  in  the  metropolitan  area.  The  following  is 
a  comparative  return,  showing  the  mileage  of  line  and 
wire  in  the  United  Kingdom  :  — 


YEAR. 

OVERHEAD. 

UNDEKGROUND. 

Line. 
Miles. 

Wire. 
Miles. 

Line. 

Miles. 

Wire. 
Miles. 

23,766}^ 
24,438% 
25,001^ 

20,425 

101,627% 

102,074 
111,811% 
150,590 

394% 
445% 
478% 
677% 

8,013% 
9,0-23 
10,993,'i 
19,605 

1882                      .... 

1886                     .... 

TELEGRAPHS  OF  THE  UNITED  STATES,  JAN.  1,  1887. 


Miles  of 

Miles  of 

No.  of 

No.  of 

Wire. 

Tolcs. 

Offices. 

Employees. 

Western  Union, 

497,420 

153,217 

15,417 

24,717 

Baltimore  and  Ohio, 

61,919 

8,353 

1,300 

2,9(50 

United  lines,  . 

22,727 

3,0.38 

47'2 

930 

United  States  Government, 

3,000 

3,000 

55 

90 

lieseret,  . 

1,092 

903 

56 

57 

Smaller  lines, 

81,552 

49,t556 

4,373 

6,756 

Total,        .... 

667,710 

218,247 

21,673 

35,510 

154 


MAVERICK   NATIONAL    BANK. 


The  Western  Union  Telegraph  Company  was  organ- 
ized in  1851,  with  a  capital  of  $360,000.  Its  lines 
at  first  extended  from  Buffalo  to  Louisville.  No  divi- 
dends were  paid  during  the  first  seven  years,  all  earnings 
being  devoted  to  the  acquisition  and  construction  of 
other  lines.  It  has  since  absorbed  many  independent 
companies,  and  controls  a  number  of  others  under  lease 
or  otherwise. 

The  following  table  gives  a  statement  of  its  mileage 
and  operations  for  the  ten  years  ending  June  30,  188G  : — 

WESTERN  UNION  TELE<;HAPH  COMPANY. 


YBAR. 

Miles 
Wire. 

GOUTS. 

Messages. 

Net 

Earning. 

Surplus 
or  Deficit. 

1877, 

194,323 

7,500 

21,158,941 

$3,140,128 

_ 

1878, 

21)6,202 

8,014 

23,918,894 

3,551  ,543 

- 

1879, 

211,506 

8,534 

25,070,100 

4,800,440 

- 

1880, 

233,534 

9,077 

29,215,509 

5,833,933 

- 

1881, 

3-27,171 

10,737 

32,500,000 

5,908,280 

- 

1882, 

374,308 

12,068 

38,842,247 

7,118,070 

$1,852,408* 

1883, 

428,546 

12.917 

40,581,177 

7,660,350 

1,994,314* 

1884, 

450.571 

13,761 

42,<  I7«,22tl 

6,fi]0,4M 

49S.910* 

1885, 

462,283 

14.18J 

42,090,583 

5,7»Hl,'J24 

100,5:55' 

1886, 

489,007 

15,142 

43,2V.i,807 

3,919,  S55 

14,18»t 

1887  (Jan.  1), 

497,420 

15,417 

~ 

~ 

*  Snrplui. 


t  Deficit. 


CABLES 

Attempts  were  made  to  lay  submarine  wires  in  183'J. 
The  first  successful  one  crossed  the  Hudson  River  at 
New  York  City,  in  June,  18-18.  In  January,  184'J,  a 
successful  two-mile  cable  was  laid  in  England.  One  was 
put  down  between  Dover  and  Calais  in  the  next  year. 
It  worked  but  a  single  day,  and  was  renewed  by  a  cable 
twenty-seven  miles  long  in  18.03,  when  another  was  laid 
between  Dover  and  Ostend,  eighty  miles.  A  third  cable, 
one  hundred  and  twenty  miles  long,  was  laid  the  same 
year  between  England  and  Holland.  From  1853  to 
IS.j*.  thirty-seven  cables,  with  a  total  length  of  3,700 


MAVERICK  NATIONAL  BANK. 


155 


miles,  were  laid.  The  first  Atlantic  Cable,  2,500  miles 
long,  between  Valentia,  Ireland,  and  Trinity  Bay,  N.  F., 
was  finally  completed  July  29,  1858,  after  more  than  a 
year  of  unsuccessful  experiments.  The  first  despatch 
went  over  Aug.  12,  1858. 

The  following  table  gives  dates  of  construction,  loca- 
tion, and  length  of  the  early  cables  of  the  world  :  — 


DATE. 

Between  — 

Miles. 

1850,     

25 

1852,     r        -        -        -        . 

69 

1858, 

Valentia,  Ire  ,  anil  Trinity  Bay,  N 

V; 

2,500 

1866, 

Ireland  nnd  Newfoundland, 

1,896 

I860, 

France  and  West  Indies,  . 

2,584 

1869, 

1871, 

Singapore,  China,  and  Australia, 

4,980 

1874, 

Lisbon  and  Brazil,    . 

6,840 

TABLE    SHOWING    CAPITALIZATION    ov   THE    CABLE    COM- 
PANIES OF  THE  WOULD,  JAN.  1,  1877. 


NAME. 

Capital. 

Anglo-American  Telegraph  Company,    

$35  000  000 

Eastern  Telegraph  Company,  
Eastern  Extension,  Australasia  and  China,     
Brazilian  Submarine  Telegraph  Company,     
German  Union  Telegraph  and  Tiust  Company,    .... 
Indo-European  Telegraph  Company,      
Direct  United  States  Cable  Company,     ..... 

18,485,000 
9,985,000 
6,500,000 
950,900 
2,125,000 
6  500  000 

Western  and  Brazilian  Telegraph  Company,         .... 

Submarine  Telegraph  Company,      

7,692,200 
1,691  125 

Cuba  Submarine  

1,100  000 

S74  045 

Great  Northern,          ....... 

7  500  000 

Mediterranean  Extension,          ...... 

760  000 

West  Indies  and  Panama,          ........ 

6  6(56  050 

Total,     

$105  829  320 

Eleven  out  of  the  fourteen  companies  paid  dividends 
varying  in  amount  from  one-half  of  one  per  cent,  to  ten 
per  cent,  during  1876. 

There  are  now  twelve  submarine  cables  between  Europe 


156  MAVERICK    NATIONAL   BANK. 

and  America,  the  longest  being  the  French  line  from 
Brest  to  St.  Pierre  Miquelon,  which  is  over  3,000  miles 
in  length. 

TELEPHONES. 

The  first  transmittal  of  sound  by  electricity  was  made 
by  Dr.  Page  of  Salem,  in  1837.  A  Mr.  Farrar  of  New 
Hampshire,  prior  to  18GO,  made  an  apparatus  by  which 
music  was  transmitted,  but  failed  to  construct  a  transmit- 
ter for  speech.  Philip  Reis,  a  German,  invented  the  dia- 
phragm transmitter  about  1860;  he  used  Page's  receiver. 
In  187G,  Professor  Bell  brought  forward  an  entirely  dis- 
tinct system  ;  but  at  first  his  instrument  could  only  be 
used  for  twenty  miles,  and  was  not  efficient.  Elisha 
Gray,  Thomas  A.  Edison,  Professor  Hughes,  and  others 
made  improvements  which  put  the  systejn  on  a  practical 
basis.  The  first  telephone  patents  were  granted  in  1877 ; 
and  twenty-two  were  issued  before  Jan.  1,  1878.  The 
first  companies  were  the  American  Speaking  Telephone 
Company  and  the  American  Bell  Telephone  Company. 
The  latter  was  organized  in  1880,  under  a  special  charter 
from  the  State  of  Massachusetts.  The  Western  Union 
Company  transferred  to  the  Bell  Company  the  Gray  and 
Edison  patents  under  a  contract  giving  it  twenty  per 
cent,  of  the  latter's  net  earnings ;  and  agreed  not  to 
engage  in  telephone  business. 

Priority  of  invention  over  Professor  Bell  has  been 
claimed  by  Edison,  Gray,  Dolbear,  Daniel  Drawbaugh, 
James  W.  McDonough,  and  others  ;  and  the  dispute  lias 
given  rise  to  many  legal  suits  against  the  Bell  Telephone 
Company,  some  of  which  are  not  yet  settled.  Draw- 
baugh asserts  that  he  perfected  a  telephone  on  the  exact 
principles  followed  by  IM1,  as  early  as  1807,  and  oper- 
ating in  the  same  way.  Telephone  statistics  are  meagre 
and  difficult  of  access,  excepting  those  of  the  American 
Bell  Company,  the  principal  organization  in  the  world. 


MAVERICK   NATIONAL    BANK. 


157 


TELEPHONE  STATISTICS  OF  THE  UNITED  STATES. 

The  following  figures,  to  December  31  of  each  year, 
were  mostly  furnished  by  the  licensees  of  the  American 
Bell  Telephone  Company  :  — 


1888. 

1885. 

1884. 

1883. 

Capital  stock  and  invest- 

ment   

$54,186,1111 

$54,320,5542 

$53,342,141' 

$49,953,352 

Aggregate  capital,   . 

53,535,021* 

53,53  V-64" 

51,490,751' 

- 

Total  gross  learnings, 

10,883,361* 

10.066.6405 

9,050,21  S; 

7,931,079 

Totui  expenses, 

6,838,171* 

6,462,8433 

5,755,415" 

5,017,141 

Total  net  learnings,  . 

4,045,182* 

3,603,796° 

3,294,803'' 

2,963,506 

Tor     cent        xpense    to 

gross  earnings, 

62.83' 

64.20» 

63.69« 

_ 

I'er  cent,  net  earnings  to 

capital,  .... 

7.56* 

6.73« 

6.4« 

- 

1  Sixty-two  companies.        -  Sixty-three  companies. 
4  Forty-seven  companies.     B  Forty-six  companies. 


3  Sixty-four  companies. 
•  Forty-five  companies. 


On  the  above  basis,  the  entire  telephone  business  of 
the  United  States  is  estimated  as  follows  :  — 


1886. 

1885. 

1884. 

Gross  earnings,        

$11,150,000 
7,000,000 

$10,440,000 

6,700,000 

$9,500,000 
6,050,000 

Net  earnings  

4,150,000 

3,740,000 

3,450,000 

Aggregate  dividends  reported, 

2,703,483 

2,077,064 

1,921,239 

Gross  ex-territorial  receipts,  . 

557,293 

544,716 

512,034 

Number  toll  stations,       .... 

3,944 

4,007 

3,341 

Number  toll  private  line  stations,  etc., 

1»5,121 

13,994 

12,868 

167,133 

155,751 

151,056 

Length  cables  in  use,  feet, 

1,059,731 

738,673 

582,443 

Number  extra-territorial  lines, 

911 

931 

82d 

Miles  extra-territorial  pole  lines,    . 

31,143 

31,395 

25,766 

Miles  extra-territorial  wire  lines,  . 

43,767 

42,461 

35,631 

158 


MAVERICK    NATIONAL    BANK. 


AVERAGE  CALLS  IN  EXCHANGES,  AND  AVERAGE  COST   i< 
SUBSCRIBER  PEU  CONNECTION. 


1888. 

1885. 

1884. 

Calls. 

Cost, 
Cents. 

Calls. 

Cost, 
Cents. 

Calls. 

Cost, 
Cents. 

Exchanges  of  100  or  less  subscrib- 

ers,   ....... 

4  6 

3.3 

4.4 

3.5 

4. 

4. 

:'xchangeB  of  100  to  200, 

5.3 

2.6 

4.76 

2.8 

4.66 

4.3 

Exchange*  of  '200  to  50o, 

8.9 

2.6 

5.41 

2.4 

5.46 

3.1 

Kxclinngce  of  500  to  1,000,     . 

6.0 

3. 

0.8 

2.6 

5.59 

3.6 

Exchange*  of  1,000  to  1,.">00,  . 

6. 

4.4 

6.56 

3.4 

5.81 

3.6 

Exchangee  of  1,500  or  more, 

6.8 

4.1 

6.51 

4.1 

6.76 

5.8 

Total  daily  exchange  connections 

in  United  Htates  

856,454 

746,515 

697,966 

Total  per  year, 

312,605,710 

272,478,705 

251,267,760 

Average  daily  number  extra-ter- 

ritori.il  mcHrtages,          .        .        . 

7,402 

6,933 

8,330 

2,701,730 

2,530,545 

2,998,800 

Total  construction  and  invcutment 

account,  Jan     1,   ISSti    ^44   com- 

panion),           

$33,865,061 

31.114.S17 

28,209,866 

Added  during  year, 

1,696,316 

1,151,469 

2,363,787 

Total  

$35,501,367 

$32,266,469 

$30,593,653 

AMERICAN  BELL  TELEPHONE  Co.,  1881-87.      (ORGANIZED 
1880.) 


Miirch  31. 
IS.ST. 

l)«-c.  31, 

ISSIi. 

Deo.  31, 
1MH3. 

issi  s:i. 

18&3-M2. 

Exchanges  and  branch 

offlreH. 

1,182 

1,175 

1,203 

1,325 

1,070 

Total  miles  wire,  . 

128,231 

114,046 

101,592 

85,890 

6.8,571 

Poial  "iiliMrrili  "in, 

UT.Ufts 

i:ST,7.'.0 

134,117 

123,6-.'5 

97,72> 

Point  employee*   . 

.•»,8.':s 

5,43^ 

5,168 

H.762 

3,71(1 

Total  m-:i  mum'-. 

353,518 

33",040 

325,574 

298,5S'i 

Total  grow  earnings,    . 

- 

$3.()'i7,i«KJ 

$2.7i'if),SS4 

$2,205.594 

$l,5in,o.;i 

Total  net  income, 

- 

1,973,350 

1,809,996 

1,475,431 

SI72.044 

ELECTRIC  LIGHTING  IN  THE  UNITED  STATES. 
At  the  beg'.ijrrnif  of  1  8H7  (licrc  were  ubout  40  "  parent  " 
companies  selling  Hertric  liglit  jipparatus  in  tlie  I'nited 
States.  Tho  total  capital  invested  in  producing  electric 
light  apparatus  and  iu  supplying  cloctric  light  locally  is 
estimated  at  from  $100.000,000  to  8l2f>,000,000.  There 


MAVERICK  NATIONAL  BANK. 


are  from  650  to  700  local  electric  lighting  companies,  and 
about  100  gas  companies  supplying  electric  light  also. 

The  demand  for  arc  carbons  is  about  150.000  per  day ; 
the  production  is  over  200,000.  The  twelve  companies 
made  a  combination  in  April,  1887,  to  maintain  prices  at 
820  to  $30  per  1,000. 

The  growth  of  the  electric  (arc)  lighting  business  has 
been  very  rapid  of  late  years.  It  dates,  practically,  from 
1881-82.  The  following  table  shows  the  status  of  arc 
lighting  :  — 


YEAR. 

Thousands 
of  Lights. 

YEAR. 

Thousands 
of  Lights. 

1881-82  

6 

18S4, 

48 

188-2.    

12 

1885  

96 

1883 

24 

1886  (estimated), 

150 

The  business  is  increasing  at  the  rate  of  40,000  to 
50,000  arcs  per  year. 

There  are  over  750,000  incaudescents  in  the  United 
States.  In  April,  1887,  the  Edison  system  was  in  use  in, 
or  under  contract  for,  90  central  stations  having  a  dynamo 
capacity  of  nearly  300,000  lamps,  or  400,000  to  450,000 
in  use.  In  isolated  Edison  plants  the  growth  has  been 
as  follows  :  — 


YEAR. 

Thousands. 

YKAR. 

Thousands. 

1881  
1882,     .                 ... 

5 
29 

1884,         .... 
1885  

98 
132 

1883  

64 

1886,  702  plants,      . 

181 

The  other  incandescent  systems  are  credited  with 
200,000  to  250,000  lamps. 

The  New  York  rate  for  arc  lights  of  2,000  candle- 
power  in  1886  w;is  seventy  cents  per  night.  Competition 
has  cut  this  to  fifty  cents  in  1887. 


160  MAVERICK   NATIONAL    BANK. 

In  January,  1886,  the  central  station  capacity  in  sixty 
large  cities  was  nearly  forty  thousand  arc  lights.  In 
over  eighty  other  cities  and  towns  the  average  was  one 
hundred  and  fifty  arc  lights ;  and  nearly  seventy  more 
ranged  between  fifty  and  one  hundred.  In  the  United 
States  are  over  forty  thousand  isolated  arc  lights. 

America  utilizes  fifteen  thousand  to  twenty  thousand 
horse  power  from  turbines  in  electric  lighting. 

In  the  Equitable  Building,  New  York,  is  a  plant  of 
five  thousand  16  candle  power  incandescents  and  fifty  of 
100  candle  power.  It  has  seven  600-light  dynamos. 
There  are  about  thirty  miles  of  cable  and  wire. 

About  one  hundred  thousand  arc  lights  are  burning 
nightly  in  America.  They  burn  about  three  hundred 
and  twenty-nine  nights  yearly.  The  earnings  average 
about  forty  cents  nightly.  This  would  yield  §13,160,000 
a  year.  Allowing  seventy-five  per  cent,  expenses,  this 
would  be  $3,290,000  on  a  capital  of  about  $35,000,000, 
or  not  quite  ten  per  cent,  per  annum.  Many  commercial 
lights  are  not  used  steadily.  The  above  applies  to  arc 
lighting.  The  local  incandescent  companies  also  gener- 
ally pay  dividends  of  five  to  fifteen  per  cent. 

Authentic  figures  show  that  arc  lights  furnish  at  least 
four  times  the  light  of  gas,  at  two-thirds  the  expense. 
Incandescents  cost  as  follows:  At  the  Ananiosa,  la., 
penitentiary,  a  16  candle  power  lamp  costs. 21.")!  ci-ut  per 
hour  ;  oil  and  candles,  .f>52.  At  the  School  for  the  Blind, 
Lansing,  Mich.,  ninety-eight  lamps  of  16  candle  power, 
one  hour,  including  interest,  cost  18^  cents.  In  the  Pub- 
lic Printing  Office,  Washington,  the  cost  per  16  candle 
power  lamp  (Edison)  per  hour  is  0.67  cent.  At  the 
Missouri  Institution  for  the  Deaf  and  Dumb,  Fulton,  Mo., 
the  incandescent  costs  about  the  same  as  gas,  at  $1  per 
thousand  feet. 

Arcs  of  1,200  to  2,000  candle  power  are  generally  used 


MAVERICK   NATIONAL    BANK.  161 

on  the  street,  but  Edison  "Municipal"  and  other  incan- 
descents  are  being  introduced. 

The  Westinghouse  Company  has  lately  installed  several 
thousand  "  alternating"  system  incandescent  lights,  with 
"  converters,"  for  which  immense  economy  is  claimed. 
At  Plainfield,  N.  J.,  the  charge  for  lights  as  operated  by 
this  system  is  $35  per  year  for  eight  16  candle  power  in 
residences. 

Commercial  incandescents  are  now  made  of  £  to  150 
candle  power.  Some  lamps  up  to  400  candle  power  have 
been  made  and  used.  A  2,000  candle  power  arc  light 
requires  a  trifle  less  than  1  horse  power.  In  incandescent 
lighting,  from  eight  to  ten  lamps  of  16  candle  power  to  1 
horse  power  are  guaranteed.  The  life  of  incandescent 
lamps  averages  from  600  to  800  or  1 ,000  hours  ;  but  they 
often  last  2,000  and  3,000  hours.  Incandescents,  with 
suitable  protection,  are  now  run  on  the  arc  circuits.  Thus 
at  Hoboken,  N.  J.,  on  the  Thomson- Houston  circuits  16 
candle  power  incandescents  are  run  on  the  arc  mains  at  a 
charge  of  50  cents  per  month  per  lamp. 

Train  Electric  Lighting. — During  1886,  incandescent 
lights  fed  from  secondary  batteries  have  been  introduced 
on  several  railroads  in  New  York  and  New  England,  and 
the  work  is  growing.  The  cost  per  lamp  of  16  candle 
power  per  hour  is  about  one-half  cent.  From  twelve  to 
twenty- four  lamps  are  used  in  a  car,  and  the  necessary 
batteries  weigh  only  about  one  thousand  pounds. 

ELECTRIC  RAILWAYS. 

There  are  three  systems  of  applying  electric  power  to 
the  operation  of  railways  :  1.  Electric  current  conveyed 
from  the  dynamo  to  the  cars  by  a  wire  overhead  upon 
which  rides  a  small  metallic  carriage  connected  with  the 
cars  by  wires  ;  2.  Current  conveyed  by  a  third  rail  or  by 
an  underground  conduit,  reaching  the  motor  in  the  car  by 


162  MAVERICK   NATIONAL    BANK. 

means  of  a  collecting  wheel  or  brush  in  contact  with  the 
electrical  conductor ;  3.  Current  supplied  by  storage 
cells  charged  with  electricity  and  carried  in  the  cars. 

FOREIGN  ELECTKIC  RAILWAYS. 

Europe  has  now  eleven  electric  railways.  These  have 
all  been  built  within  eight  years. 

At  Kew  Bridge,  London,  the  electric  motor  is  employed 
upon  the  Acton  tramways.  Power  is  supplied  by  50 
storage  cells  carried  under  the  car  seats.  With  about  5 
tons  total  weight,  and  about  8  horse  power  developed,  50 
persons  are  carried  at  the  rate  of  6  miles  per  hour. 

At  the  Industrial  Exhibition  at  Berlin,  in  1879,  Dr. 
Werner-Siemens  built  an  electric  circular  narrow-gauge 
railway  2,700  feet  long.  Three  cars  now  run,  carrying 
25  passengers,  at  a  speed  of  15  to  20  miles  per  hour. 
Mr.  Reckenzaun  has  experimented  successfully  upon 
street  cars  driven  by  a  storage  battery.  The  estimated 
expense  of  this  system  is  about  one-half  that  of  direct 
horse  power.  It  was  tested  at  Berlin  in  December,  188"). 
At  Berlin  tin  electric  railway,  1£  miles  long,  was  built  in 
1884,  having  2  motor  cars,  and  carrying  100,000  passen- 
gers per  year. 

At  Vienna,  a  Siemens  railway  was  built,  2.8  miles  long, 
with  12  cars,  which  carries  3-10,000  passengers  a  year. 

At  Breuil,  France,  an  electric  motor  line  has  been 
operated  since  March,  1882.  The  train  consists  of  an 
electric  locomotive  weighing  2,000  pounds,  a  tender  with 
Faurc  accumulator  weighing  1,500  pounds,  and  cars  each 
of  which  when  loaded  weighs  about  1,700  pounds,  the 
total  weight  of  train  being  about  7  tons. 

One  mile  of  electric  railway  has  been  in  operation  at 
Brighton,  England,  since  18M3.  It  draws  2  cars,  and 
carries  250,000  passengers  per  year.  Another,  at  Bess- 
brook,  upon  which  are  drawn  fi  carriages,  weighing  2  tons 


MAVERICK   NATIONAL    BANK.  163 

each,  hauls  a  train  carrying  34  passengers,  at  a  rate  of  15 
miles  per  hour.  Power  is  supplied  by  dynamos  moved  by 
water  power.  At  Blackpool,  England,  a  line  2  miles 
long  was  opened  in  September,  1885.  It  is  operated  by 
two  25  horse  power  stationary  engines,  which  develop  a 
sufficient  current  to  move  10  cars  and  400  passengers. 
Cost  of  line,  $55,000.  It  carries  300,000  passengers  per 
year. 

At  the  Antwerp  exhibition,  in  1885,  careful  tests  were 
made  upon  tramway  motors  of  different  kinds,  and  elec- 
tric motors  obtained  the  highest  prize.  A  road  at  Frank- 
fort, 4  miles  long,  hauls  14  cars,  and  carries  990,000 
passengers  a  year;  at  Zankerode  (mine),  1882,  2,370 
feet  double  track,  16  freight  cars,  300  tons  daily ;  Hohen- 
zollern  (mine),  1884,  2,460  feet,  15  cars,  300  tons  daily ; 
Portrush,  1883,  6  miles,  4  cars,  100,000  passengers  a 
year ;  Besspool,  1885,  3  miles,  8  cars,  300,000  passen- 
gers yearly,  and  30,000  tons  freight.  A  road  in  the 
Austrian  Alps,  15  miles  long,  to  cost  $350,000,  has  been 
chartered. 

Tram  cars,  run  by  accumulators,  or  upon  the  electrical 
storage  system,  are  in  use  at  Hamburg,  Germany,  built 
1886,  2  cars  ;  Brussels,  1887,  5  cars  ;  also  for  handling 
coal  at  the  collieries  of  Dry  brook,  England. 

ELECTRIC  RAILWAYS  OF  THE  UNITED  STATES. 
The  United  States  has  also  from  ten  to  twelve  electric 
railway  systems.  The  first  was  put  in  operation  at 
Chicago  in  February,  1883,  length,  400  feet.  A  street 
railway  3,000  feet  long  was  operated  by  electric  motor  at 
Toronto,  Canada,  in  1884.  Others,  at  South  Bend,  Ind  , 
21  miles;  New  Orleans,  1885,  £•  mile;  Minneapolis, 
Minn.,  1885;  Montgomery,  Ala.,  1885,  11  miles,  18 
cars;  Detroit,  at  Highland  Park,  1886,  3^  miles,  2  cars, 


164  MAVERICK   NATIONAL   BANK. 

200,000  passengers  a  year;  Dix  Railroad,  Detroit,  Sept. 
1,  1886,  1£  miles,  4  cars,  300,000  passengers;  Win- 
sor,  Can.,  1885,  2  miles,  2  cars,  200,000  passengers 
yearly;  Appleton,  Wis.,  1886,  4£  miles,  8  cars,  400,000 
passengers;  Port  Huron,  Mich.,  1885,  4  miles,  8  cars, 
75,000  passengers  yearly  ;  Scranton,  Pa.,  1886,  3£  miles, 
3  cars,  300,000  passengers;  Philadelphia,  1886.  2,600 
feet  of  street  railway  at  Ridge  Avenue,  Schlesinger 
system;  Baltimore,  Md.,  1885,  2  miles,  5  cars,  200,000 
passengers  carried  in  1886  ;  Denver,  Col.,  1886,  3£  miles, 
7  cars,  300,000  passengers;  Los  Angeles,  Cal.,  1887,3 
miles.  8  cars  ;  Lima,  O.,  3  miles,  6  cars  ;  Richmond,  Va., 
11  miles,  40  cars;  Binghamton,  N.  Y.,  1887,  4£  miles, 
5  cars  ;  San  Diego,  Cal.,  9  miles,  4  cars  ;  Ansonia,  Conn., 
3£  miles ;  St.  Joseph,  Mo.,  20  cars.  Orange,  N.  J. ; 
Harrisburgh,  Pa. ;  Woonsocket,  R.  I.  ;  Kansas  City ; 
Pittsburgh ;  New  York  City  ;  Mansfield,  O. ;  Wichita, 
Kan.;  San  Francisco;  and  Ithaca,  N.  Y.,  also  have 
systems. 

The  total  of  passengers  carried  in  the  United  States  by 
electric  street  railways  now  readies  over  8,000,000  yearly. 
The  length  of  track  operated  approximates  50  miles,  with 
over  75  motors  and  cars  running.  The  roads  in  con- 
struction will  double  these  figures  during  1887.  The 
total  cost  of  furnishing  power  with  direct  supply  of  cur- 
rent does  not  exceed  §2.50  to  $.'5  per  day  per  car. 
With  storage  batteries  it  is  about  $4  to  $5.  The  total 
cost  of  horse  cars  per  day  is  80.50  to  Si). 50. 

Work  is  also  being  done  outside  of  the  street  railway 
department.  A  road  has  been  put  in  operation  in  a 
Boston  sugar  refinery,  and  another,  6,000  feet  long,  has 
been  constructed  in  a  mine,  the  train  hauled  being  15 
to  20  loaded  cars. 


MAVERICK   NATIONAL   HANK. 


CHRONOLOGY  OF  ELECTRICAL  SCIENCE. 

1600  to  1887. 

16OO. — Dr.  William  Gilbert  published  his  book  "  De  Magnete,"  marking 
the  birth  of  the  science. 

166O-  — Otto  Von  Guericke,  inventor  of  the  air  pump,  made  the  first  fric- 
tional  electric  machine. 

172O-29.  —  Stephen  Grey,  London,  improved  conductors  and  insulators. 

1733- —  Dufay  made  the  distinction  between  "vitreous"  and  "resinous" 
electricity. 

1745.  —  Discovery  of  the  Leyden  jar  by  Dean  Von  Kleist  and  others. 

1747-  —  Discharge  of  Leyden  jar  transmitted  a  considerable  distance. 
Franklin  began  studying  electricity. 

1749.  —  Franklin  conceived  the  identity  of  the  "electrical  fluid"  with  lightning. 

1752.  —  Franklin's  suggested  experiment  of  drawing  electricity  from  the 
clouds  first  made. 

1753.  — The  practicability  of  the  electric  telegraph  first  hinted  at. 
1783-  — Volta  invented  the  condenser. 

1786-89-  —  Galvani's  discovery  of  galvanic  action. 

18OO.  —  Discovery  of  Volta's  battery,  producing  current  through  chemical 
action. 

1800.  —  Coxe,  of  Pennsylvania,  invented  a  rude  system  of  telegraphy. 

1801.  —  Gautherot  discovered  that  the  electrodes  through  which  the  current 
of  a  primary  battery  had  been  discharged  became  capable  of  producing  a  current. 

1802.  —  Ritter  made  the  first  secondary  battery. 

1808-  — Davy  batteries  gave  the  first  display  of  the  electric  light. 
1819-  —  Oersted  discovered  the  principles  of  electro-magnetism. 

1820.  — Ampere  enunciated  the  fundamental  principles  of  electro-dynamics. 

1821.  —  Seebeck  discovered  the  thermo-electric  battery. 
1824.  —  Sturgeon  made  the  first  electro-magnet. 

1829.  —  Electro-magnet,  improved,  exhibited  by  Professor  Henry. 

1831. —  Faraday  discovered  "induction,"  or  the  production  of  electricity  by 
magnets,  on  which  all  modern  electrical  engineering  is  based.  He  made  the  first 
"  dynamo." 

1832.  —  Pixii   made  the   first  practical   magneto-electric    machine.      Baron 
Schilling  showed  a  working  of  telegraph  with  thirty-six  needles. 

1833.  —  Gauss  and  Weber  set  up  a  successful  telegraph  line  at  Gottingen. 

1833.  —  First  rotary  electric  motor  described. 

1834.  —  Davenport  made  and  used  the  first  American  electric  motor. 

1835.  —  Professor  Henry  worked  a  short  telegraph  at  Princeton. 

1836.  —  Daniel),   in   England,   invented    his    famous    battery.      Cooke  and 
Wheatslone  established  a  needle  electric  telegraph  system  in  England.     Stein- 
heil  used  the  earth  as  a  return  circuit  for  telegraph. 

1838.  —  Jacobi  propelled  a  boat  by  electric  motor  and  primary  batteries. 

1839.  —  Jacobi,  Spencer,  und  Jordan  describe  methods  of  electrotyping. 

1840.  —  Wright's  electrotyping  process  patented  iu  England.    Morse,  reduc- 
ing telegraph  to  practicability,  took  out  hi*  first  patent  iu  United  States.    Pho- 
tographs taken  by  Prof.  B.  A.  Silliman,  Jr.,  and  Dr.  W.  II.  Goode  by  the  electric 
(arc)  light;  current  produced  by  a  battery  of  900  cells. 

1841.  —  De  Moleyns  patented  in  England  a  lamp  in  which  a  platinum  wire  in 
an  exhausted  glass  globe  was  coated  with  particles  of  plumbago. 

1842.  —  The  celebrated  Bunscn  battery  was  invented.    Grove  made  his  well- 
known  "  gas  battery"  with  platinum  plates,  giving  a  secondary  current.    Tele- 
graph poles  first  used  in  England. 

1843.— Morse  obtained  an  appropriation  of  $30,000  for  a  telegraph. 


166  MAVERICK   NATIONAL   BANK. 


1844.— Morse'*  first  line  built, —  Washington  to  Baltimora.  Foucault  In- 
vented  a  practical  form  of  arc  light. 

1845-46-  —  Starr,  of  Cincinnati,  invented  an  incandescent  lamp  in  which  a 
thin  strip  of  graphite  was  held  between  clump*  affixed  to  a  porcelain  rod ;  the 
rod  was  suspended  by  a  platinum  wire  sealed  in  the  globe.  He  proposed  to  light 
cities  by  electric  lamps  on  towers.  Electric  light  (arc)  used  at  the  Paris  opera. 

1848-  — Archereau  applied  the  Important  detail  of  the  solenoid  to  arc  luinpH. 

1850.  —  First  cable  between  Dover  and  Calais. 

1851.  —  Professor  Page  with  his  motor  made  a  trip  with  a  car  from  Washlcg- 
tou  to  Bladensburg. 

1854-55.  —  Hjorth,  of  Denmark,  patented  devices  for  augmenting  currents 
by  reactiou  of  electro-magnets  on  each  other. 

1856.  —  Werner  Siemens  brought  out  his  armature  for  dynamos. 

1857-  —  De  Changy  invented  a  system  permitting  the  divisibility  of  the  cur- 
rent for  lighting. 

1858.—  First  Atlantic  cable  laid. 

1859.  —  Plante  finds  lend  the  best  metal  for  secondary  batteries  and  covers 
the  surface  with  the  peroxide  by  the  primary  current. 

1860.  —  Pacinotti,  In  Italy,  made  continuous  current  dynamos,  which  be  used 
as  motors. 

1861.  —  Kirchhof,  in  America,  makes  secondary  butteries  of  alternate  plates 
of  spongy  lead  and  peroxide. 

1862.  —  Electric  light  installed  iu  Dungeucss  (England)  lighthouse,  June  6. 
1865.  —  Second  Atlantic  cable. 

1867-  —  Siemens  and  Whcatstone  enunciate  clearly  the  principle  of  converting 
mechanical  energy  into  electrical  in  the  dynamo. 

1869-71.  —  Gramme  invented  hiH  celebrated  dynamo  for  continuous  currents. 

1872.  —  Duplex  system  of  telegraphy  invented. 

1873-76. —  Lodyguine,  Koun  Kosloff  and  Houliguiue.  in  Russia,  put  in  opera- 
tion crude  IncandesccntB,  having  carbons  In  vacuo,  contained  in  glass  globes 
variously  sealed. 

1873-  —  At  the  Vienna  Exposition  a  Gramme  dynamo  used  as  a  motor 
worked  a  pump,  the  current  being  transmitted  1,400  yards. 

1874. —  Edison  produced  his  quadruples  telegraph  system. 

1876  —  A.  (i.  Bell  exhibited  his  telephone  at  the  Centennial  Exhibition. 

1879.  —  Edison's  incandescent  lamp   patented.      Sawyer  showed  an  incan- 
deseent  ill  which  the    carbon   was  placed    in   nitrogen  to    prevent  combustion. 
Xoiublc  exhibition  of  plowing  with  electric  motors,  —  six  acres  in  six   hours, — 
power  transmitted  one  mile.     Siemens  and  Halskc  started  a  practical  railway  at 
Uerlin  in  1S79. 

1880.  —Swan  exhibited  his  incandescent  with  a  carbon  filament. 

1881.  —  Faure  produces  his  celebrated  secondary  battery,  in  which  the  active 
material  is  mechanically  applied. 

1882.  —  Tin-  first   Edison   central  station  for   general  incandescent  lighting 
started  in  New  York  City,  September.      Deprez  at  the  Munich  Exposition  made 
the  first  long-distance  transmission  of  power  electrically,  —37  miles. 

1883. —  Prof.  Flecming  Jenkin  brought  out  his  system  of  "  telpherage,"  or 
i-lfctric  transmission  of  passengers  and  freight,  using  suspended  wires  as  tracks 
for  the  cars. 

1884.  —  Electric  power  stations  (Daft  system)  established  in  Xew  York  and 
Hoslon,  distributing  current  to  motors  widely  scattered. 

1885.  —  The  .Tulien  electric  car  will)  storage  batteries,  at  the  Antwerp  Exhi- 
bition awarded  the  lirst  prize  for  railway  service. 

1886. — The  Edison  and  I'hdps  systems  of  telegraphing  to  and  from  moving 
trains  brought  into  use. 


CHAPTER  XIV. 


BOSTON    STATISTICS. 


Valuation,  Debt,  Appropriations,  and  Tax  Kate,  by  Years  — Building  Permitg 
Issued.  —  Passenger  Travel  in  and  out  of  Uostou. —  Travel  to  New  York. — 
Travelling  Distances  from  Boston.  —  Sailing  Distances.  —  Shipping  Arri- 
vals.— Leather  and  Wool  Statistics. 

VALUATION  AND  TAX  RATE. 

The  following  table  shows  the  valuation  of  the  city, 
gross  funded  dclit,  annual  appropriation,  and  tax  rate 
since  1874  (count)'  debt  included  with  1886)  :  — 


Valuation. 

Gross  Funded 
Debt. 

Annual 
Appropriation 

Order. 

Tax 
Kate. 

1874,           .... 

$798,755,050 

$42,890,785  77 

$12,146,643 

$15  00 

1875,           .... 

793,961,895 

43,414,829  99 

11,104,805 

13  70 

1876  

748,996,210 

43,848,835  73 

10,180,887 

12  70 

1S77  

686,840,586 

43,590,497  30 

10,267,258 

13  10 

1878  

630,446,866 

42,457,022  47 

9,555,892 

12  80 

1879,           .... 

613,322,692 

42,359,816  23 

9,133,429 

12  50 

1880  

639,462,495 

42,030,125  36 

10,190,387 

15  20 

1881  

665,554,597 

40,949,332  18 

10,475,817 

13  90 

1882  

672,497,962 

40,079,312  04 

11,054,535 

15  10 

1883,          .... 

684,432,671 

41,184,358  12 

11,214,269 

14  50 

1884,          .... 

682,648,000 

43,185,669  07 

12,666,1195 

17  00 

1885  

685,404,600 

42,962,180  02 

10,608,100 

12  80 

1886  

710,581,700 

43,803,322  04 

10,553,690 

12  70 

1*87,           .... 

46,774,962  00 

11,229,094 

168 


MAVERICK    NATIONAL    BANK. 


BUILDING  PERMITS  ISSUED. 


Brick, 
Stone,  and 
Iron 
Building 
Permits. 

Wooden 
Building 
Permits. 

Estimated 
Cost  of 
Brick 
Buildings. 

Estimated 
Cost  of 
Wooden 
Buildings. 

Estimated 
Cost  of 
Additions 
and  Kepalrs. 

1871  

245 

272 

1872  

874 

1,051 

7,043,318 

3,147,535 

_ 

1873,  .... 

646 

903 

16,001,2-25 

2,000,440 

— 

1874  

620 

1,278 

14,211,120 

2,586,615 

_ 

1875  

348 

709 

8,308,700 

2,237,820 

1,410,518 

1876  

200 

632 

5,343,575 

1,383,555 

1  ,355,446 

1877  

265 

632 

4,283,775 

1,048,590 

1,114,290 

1878  

187 

473 

2,628,225 

819,430 

852,333 

1879,  .... 

203 

575 

_ 

_ 

1,606,768 

1880,  .... 

309 

494 

1,490,100 

474,752 

1,327,230 

1881  

308 

787 

1,521,852 

68C..643 

935,765 

1882  

235 

841 

4,932,640 

2,379,278 

1,607,051 

1883  

236 

1,005 

5,804,577 

1,870,808 

2,386,226 

18S4,  .... 

312 

1,123 

5,400,775 

3,078,145 

1,983,287 

1885  

348 

1,372 

0,218,800 

4,552,538 

2,560,212 

1886,  .... 

aid 

1,353 

8,813,100 

3,992,792 

3,004,813 

BOSTON  PASSENGER  TRAVEL,  YEAR  ENDING  SEPT.  30,  1886. 

Passengers  to  and  from  Boston. 

NORTHERN  ROADS. 


Inward. 

Outward. 

Total. 

Increase 
over  1886. 

Per 

Out. 

Bonton  &  Maine,  EaHtcrn,  . 
lionton  &  Lowell, 
KitchhuTK,    .... 
Revere     LJeach    (narrow 
gauge),      .... 

Total  

5,496,015 
2,335,116 
1,513,882 

840,092 

5,511,934 
2,337,880 
1,508,761 

823,184 

11,007,979 
4.723,002 
3,022,643 

1,663,276 

f.r.4,142 
442,497 
600,786 

232,914 

- 

10,235,135 

10,181,765 

20,416,900 

1,730,339 

923 

SOUTHERN  ROADS. 


BuHton  8c  Albany, 
Old  Colony, 
N.  V.  &  New  England, 
IloHtou  Jk  I'rovldcuce, 

2,044,147 
2.ftiil,309 
1,1.V>,7;>1 
2,269,165 

2,944,546 
2,528,734 

i.u-j.sr. 

2.  :*•-'!,  323 

5,888,093 
5.030,0  »:» 
2,29'J,.  Mi:'. 
4.590.1SS 

319,251 
341,774 
2:>l,*45 
366,018 

- 

Total,     .... 

8,871,  37  '_' 

8.tt»7,4l5 

17.8o8.7S7 

1.27S.888 

7.74 

Total  for  nine  roads,  . 

19,10<5,507 

KM  19,  ISO 

38.22o.flS7 

3,009,227 

8  54 

The  total  passenger  traffic  of   the  nino  Btcam    railroad*  was  38,225,687;   of 
rhich  the  northern  roads  carried  2,006,113  more  than  the  Houthern  roads. 


MAVERICK    NATIONAL   BANK. 


169 


Number  of  Trains  in  and  out  of  Boston. 
NORTHERN  ROADS. 


WlNTEK. 

SfMMIR. 

Average 
Number 

Daily. 

Sunday. 

Daily. 

Sunday. 

Passen- 
gers to 
a  Train. 

Boston  &  Maine,  Western 

Division,    . 

114 

36 

116 

34 

) 

\     153 

Eastern  Division, 

98 

24 

118 

40 

j 

Boston  &  Lowell, 

147 

30 

152 

32 

98 

Fitchburg  

98 

32 

100 

33 

93 

Boston,   Revere  Beach,  & 

Lynn  

53 

26 

65 

43 

85  !4 

Total  

510 

148 

551 

193 

10T.4 

SOUTHERN  ROADS. 


Boston  &  Albany, 

135 

32 

135 

32 

134 

Old  Colony, 

106 

14 

119 

20 

142<* 

New  York  S.  New  England, 

51 

10 

51 

10 

140 

Boston  &  Providence, 

101 

13 

101 

13 

143 

Total  

394 

69 

406 

75 

139.9 

Total  for  nine  roads,  . 

904 

217 

957 

268 

123.6 

PAYING  PASSENGERS  BETWEEN  BOSTON  AND  NEW  YORK. 

Year  ended  Sept.  30,  1884 673,000 

Year  ended  Sept.  30,  18S5 837,465 

Year  ended  Sept.  30, 1886 990,000 

The  freight  transported  by  rail  lines  between   Boston 

and   New   York   in    1885    amounted    to  1,103,483   tons. 

The   Metropolitan   Steamship  line   also  carried    220,000 
tons. 


170 


MAVERICK   NATIONAL    BANK. 


TRAVELLING  DISTANCES  FROM  BOSTON. 


Route. 


Mile*. 


Albany,  N.  Y  

P.  &  A., 

202 

Atlanta,  Oa  

Pled.  Air  Line  
At.  Coaat  L.,  .... 

1.08S 
1,207 

Atchlson,  Kan  
Baltimore,  Mil  

C.,  B.  &  Q  
Phil.,  W.  &  B.  
Eastern  

1,505 
403 
245 

29-1 

Buffalo,  N  Y.,-       .... 

N.  Y.  Central  

600 

Rurllngton,  la.,       .... 
Burlington,  Vt  

C.,  B  &  Q.,  
Cen.  Vt  

1,24-2 
246 

Hutte  City,  Mon  ,   .        .        .        . 

N  1*  .  .  . 

2,7o4 

Charleston,  8.  C..   . 

At.  Coast  L  
U.  P.,  

1,021 
2,043 

Chicago,  111.,    

Mich  Cen.  
L.  Shore,  

1.0I56 
1,040 

ii          it 

Fitch  ,  W.  8  &  B  ,  and  G.  T.,  . 

1,003 

„          ,,      

N.  Y.,Ch.  &  St.  L.  (Nickel  PI.), 

1,0-23 
1,129 

ii          ii      "        *        *        "        " 

Cen.  Vt.  and  Or.  Trunk,  . 

1,171 

1,204 

ii          ii 

B.  &  O  

1  ,257 

Cincinnati,  O.,         .... 
Cleveland,  O.,         .... 

Penn.,  
L.  Shore,  

974 
683 

Columbus,  O.,          .... 

Penn  
B.  &  L  ,  

854 
75 

Denver,  Col.,  

C.,  B.  &Q  
U.  P  

2.0S9 
2,096 

I  >rs  Molnes,  la  
Detroit,  Mich  
Dubuque,  la.,  
Duluth,  Minn  

C.,  R.  I.  &P  
Mich  Cen  
Ch.,  Mil.  &  St.  P  
N.  \V.  and  Ch  ,  St.  P.,  M.  &  O., 
Wig.  Cen.  and  N.  P  
O.  Col.,  

1,394 
751 
1,221 
1,458 
1,543 
51 

Fargo,  Dak.,    
Qalveeton,  Tex.,     .... 

Halifax,  N.  8.,         ','.'.'. 

N.  W.  and  N.  P., 
via  New  Or  
At.  &  O   Col   and  8.  F.,      . 

1,721 
2,005 
2,443 
736 

413 

Hartford,  Conn.  

N.  Y.  &  N.  E  
B  &  A.  and  N.  Y.,  N  H.  Jk  IL, 
N  P.,  ...... 

117 
125 

2,001 

Indianapolis,  I  ml  ,  .... 
.TackBonville,  Kla.,  .... 
Kaisas  City,  Mo.,  .... 

Cl.,  Col.,  C.  &  I  , 
At.  Count  L  
St.  Louis  it  M.  P., 

906 
1,294 
1,514 

Law.  "nee,  Mans.,    . 
LeiuUJlle,  Col.,        .... 

C.,  B.KQ  
B  &  M  
II.  P.,  

1,523 
27 
2,261 

I.eaveinvorlh,  Kan., 
Little  I  lock.  Ark.,  .... 
Liverpool,  Kni;  ..... 

London,  Kng.,         .... 

St.  Louis  &M.  P  
Mom.&L.  K  
from  Boston  dirert, 
via  New  York,      .... 
from  Boston  via  Liverpool, 

1,534 
1,006 
2,826 
3,213 
3,027 
3,293 

Louisville,  Ky.,       .... 

(  in  ,  L.  &  N.  Or  , 
15.  &  L  ,         

1,084 
26 

Rev.  1!  

10 

11 

B  &  L  ,  

67 

],  &  N"  

1,461 

Mi-xico,  City  of,       .... 

At.  fc  Mox.Cfii., 
Houston  »>t  Mex.  Nat.,* 

3,887 
3,243 

Not  yet  completed. 


MAVERICK   NATIONAL   BANK. 


171 


TRAVELLING  DISTANCES  FROM  BOSTON — Concluded. 


Route. 

Miles: 

Milwaukee,  Wls.,  .... 

Minneapolis,  Minn., 
Mobile,  Ala.  

Ch.,  Mil.  &  St.  P  
Ch.  &N.  W  
Ch.  &  N.  W  
Pied.  &  W.  Ala  

1,121 
1,121 
1,455 
1,450 
2,523 

Montgomery,  Ala., 
Montreal,  P.  Q  

Pied.  &  W.  Ala  
Cen.  Vt  

1,270 
334 

B.  &L.  

40 

L.  &  N  

1,269 

226 

New  Haven,  Conn., 

New  Orleans,  La  
New  York  

N.  Y.  &  N.  E  ,     . 
B.  &  A.  and  N  Y.,  N.  H.  &  H., 
Pied.  &  W.Ala, 
N.  Y.  &  N.  E.  and  Air  Line,      . 
Fall  K  L  ,     

153 
161 
1,591 
217 
230 

,, 

Shore  L  ,      .                ... 

234 

Omaha,  Neb.,  

B.  &  A.,  and  N.  Y.,  N.  H.  &H.  R., 
Ch.,  Mil.  &  St.  P  
Ch.  &N.  W  
Ch.  &  R.I  

236 
1,526 
1,528 
1,539 

C.,  B.  &Q.,  
Can.  P  

1,544 
454 

Paterson,  N.  J  
Philadelphia,  Pa  

N.  Y.,  L.  Erie  &  W  
Penn.,    

234 
307 
661 

108 

B.  &  M.,        

116 

Portland,  Or  ,  

N.  P.,     
B.  &  P.,         

3,358 
44 

Quebec  

N.  Y.  &N.  E.,     . 
Passumpsic,  

47 
417 

2,740 

Quincy,  111  
Richmond,  Va  
Rochester,  N.  Y.,    .... 
Sacramento,  Cal.,   .... 
Salt  Lake  City,  Utah,     . 
San  Francisco.  Cal., 
Santa  Fe,  N.  Mex., 

C.,  B.  &Q  
R.,  F.  &  P  
N.  Y.  Cen.,  

Ch.  &  N.  W.  and  U.  P.,      . 
U.  P  
Ch.  &  N.  W.  and  U.  P.,       . 
A.,  T.  &  S.  F  

1,240 
559 
430 
3,304 
2,597 
3,393 
2,358 

At.  Coast  L  

1,122 

Seattle,  Wash  ..... 

N.  P  

3,689 

St  John   N  13 

458 

St.  Louis,  Mo  

lud.&St.L.,        .... 
Peun.and  Vandalia,     . 
Ch.  &  A^ton  
B   &  O  ,        

1,231 

1,282 
1,319 
1,337 

St.  Paul,  Minn.  

Syracuse,  N.  Y  
Toledo,  O.  

Ch.  &  N.  W  
Ch.,  Mil.  &  St.  P.,        ... 
Ch,B.&N  
Wis.  Cen  ,     
N.  Y.  Cen.  
L.  Shore,       

1,445 
1,446 
1,467 
1,498 
349 
796 

Topcka,  Kan.,          .... 

A.,  T.  &  S   F.,      . 

1,555 
274 

Vicksburg,  Miss.,    .... 
Washington,  D.C., 

Winnipeg,  Man  
Worcester,  Mass  ,  . 

via  Montgomery,  .... 
P.,  W.  &"B.  and  B.  &  O  ,    . 
P.,  W.  &  B.  and  B.  &  P.,    . 
Can.  P.,         
B.  &  A.. 

1,548 
443 
446 
1,757 
44 

Distances  due  west  are  reckoned  by  B.  &  A.,  N.  Y.  Cen.,  and  Mich.  Cen. 
lines.  Distances  south-west,  by  N.  Y.  &  N.  E.  Air  Line  and  N.  Y.,  N.  H.  & 
Hart.,  via  New  York. 


172 


MAVERICK   NATIONAL  BANK. 


SAILING  DISTANCES  FROM  BOSTON. 


Nautical  Miles. 


Statute  Miles. 


Cape  Clear, 
Liverpool,  . 
Sclllv  Islands,    . 
London,      .... 
Glasgow,     . 
Havre,         . 

Hrest, 

Capo  Finlstere,  .        . 
Lisbon,  . 

(.'ape  St.  Vincent, 

Cadiz 

Gibraltar,  . 
Curthagcna, 
Valencia,  .... 

Barcelona 

Kayal,          .... 

Madeira 

Capo  Verde, 

St.  Helena, 

Cape  Good  Hope,      .        . 

Rio  Janeiro, 

St.  Thomas,  \V.  I.,     . 

Bt  John,  Porto  Hico, 

Havana,        . 

Bermuda 

Cape  Ilatteran,    . 

Capo  Farewell,  Greenland, 

Reikiaviig  Road,  Iceland, 


2,600 
2,870 
2,712 
3,082 
2,748 
2,967 
2,765 
2.740 
2,810 
2,860 
3,000 
3,060 
3,290 
3,430 
3,560 
1,960 
2,650 
3,240 
6,020 
6,820 
4,832 
1,500 
1,480 
1,380 
685 
567 
1,657 
2,341 


2,094 
3,305 
3,122 
3,519 
3,164 
3,417 
3,184 
3,155 
3,236 
3,293 
3,455 
3,524 
3,788 
3,950 
4,099 
2,207 
3,051 
3,731 
5,781 
7,855, 
5,564 
1,727 
1,704 
1,589 
786 
659 
1,908 
2,696 


ARRIVALS  AT  BOSTON  FROM  FOREIGN  PORTS. 


(,'AI.KNDAR  YEARS. 


1S72, 
1873, 
1874, 
1875, 
1876, 
1877, 
1878, 
1879, 
1880, 
1881, 
1882, 
1883, 
1884, 
1885, 


Steam- 
ers. 


139 
160 
225 
155 
1G9 
238 
29fl 
310 
442 
402 
4S1 
651 
576 


Ships. 


32 

;: 
28 
37 
20 

.  7 

19 

. 
21 


Barks. 


455 
3S6 
319 
2S5 
206 
256 
215 
166 
3ft6 

353 
304 
240 
224 
257 


I5ri«9. 


537 
440 
413 
316 
332 
335 
316 
342 
333 
336 
319 
243 
20 1 
210 


School 
ers. 


,918 
,768 
,512 
,243 
,311 
,405 
,300 
,524 
,955 
,959 
,770 
,541 
,450 
,492 
,571 


Sloops 


3,237 
3,927 
2,551 
2,152 
2,034 
2,273 
2,174 
2,353 
3,125 
3,115 
2,961 
2,734 
2,526 
2,470 
2,647 


MAVERICK   NATIONAL   BANK. 


173 


RECEIPTS  OF  LEATHER  AT  BOSTON. 


Sides. 

Bundles. 

1877  

1  788  902 

780  565 

1878,    

1,851,059 

794,203 

1879,    

1,899,435 

996,889 

1880,    

2,053,549 

935,988 

1881,    .                 

2,539,184 

978,347 

188-2  

2,853,042 

1,021,926 

1883  

3,287,036 

1,057,033 

1884  

2,587,124 

1,050,910 

1885  

3,218,520 

1,008,549 

BOOTS  AND  SHOES  SHIPPED  FROM  BOSTON. 


Cases. 

Cases. 

1877,  

1,758,025 

1882  

2,413,531 

1878,  

1,648,724 

1883,  

2,556,033 

1879     .... 

1,959,577 

1884  

2,516,048 

1880  

2,263,890 

1885  

2,672,532 

1881,  

2,307,731 

1886,  

2,874,172 

BOSTON  RECEIPTS  OF  FOREIGN  AND  DOMESTIC  WOOL. 


Domestic. 

Foreign. 

Bales. 

Bales. 

1877  

262,169 

46,425 

1878,            

255,931 

30,833 

1879  

360,411 

69,307 

1880,    

323,579 

86,932 

1881  

394,142 

43,625 

188'                                                                 .        •        • 

425,300 

57,168 

1883.                                                       .... 

448,050 

57,012 

188-)                                                                 . 

431,919 

56,852 

1886,                     

488,558 

66,536 

1886,                                                       .... 

472,954 

96,024 

174 


MAVERICK   NATIONAL  BANK. 


THE  BOSTON  STOCK  MARKET. 

Highest  and  Lowest  Prices  of  Stocks  and  Bonds  for  Ten 
Years  Prior  to  Jan.  1,  1887. 

MINING  STOCKS. 


1877. 

1878. 

1879. 

1880. 

1881. 

Cal.  and  llecla,  . 

182} 

190* 

174| 

185 

170* 

295* 

200 

260* 

201 

258} 

Franklin,     . 

8 

14] 

5 

8 

4 

31 

10J 

60 

101 

1SJ 

Osceola, 

17 

30 

0 

17 

10 

35 

80* 

48* 

281 

40 

C^uiney, 

32 

49j 

104 

41J 

10 

33} 

22 

46 

8l( 

614 

1882. 

1883. 

1884. 

1885. 

1886. 

Cal.  and  llecla, 

231* 

255 

230* 

253 

124 

240 

135* 

225 

210* 

231 

Franklin,    . 
Osceola, 

10 

30* 

17 
38* 

9 
17} 

15| 
33 

5| 
8 

SI 

51 

8 

13 
15 

84 

10 

174 

37 

Oulncy, 
Tamarack,  . 

40* 

70 

40  J 

634 

26 

48* 

264 
33 

55 
90 

45 
85 

644 
110 

*  Ex  div. 


LAND  STOCKS. 


1877. 

1»78. 

IHT'.t. 

1NNO. 

1881. 

ABpinwall,  . 

_ 

_ 

. 

_ 

7 

8. 

Bo«lon, 
Hrookliue,  . 

a 

M 

11 
1.40 

4 

21 

;i 

M 

61 

3} 

12 
64 

i! 

li 
'- 

Kant  BoHtou, 

»1 

"1 

84 

»l 

9 

17 

16 

10 

|l 

Maverick,    . 

5 

84 

2 

Of 

2] 

; 

Water  Tower, 

14 

6J 

1.03J 

24 

u 

134 

6j 

18] 

»5 

15 

1882. 

iss:». 

18M4. 

IHN5. 

1886. 

Arpinwull, 
Boston, 
Brookline,  . 

6 
6 
24 

7 
81 
4J 

6j 

6 
65 
2.8H 

4 
4J 

4 

64 

2J 

4 

SI 

6.06J 
6J 

? 

34 

9 
94 
51 

Kant  Boaton, 

8 

10 

5 

8 

5 

5 

5 

6 

5 

6{ 

Maverick,   . 

n 

24 

i 

2 

1 

1| 

1 

19 

u 

3J 

Ban  Diego,  . 
Water  Power, 

24 

6| 

2 

4J 

4 
U 

18 
3 

10 
2* 

67i 
6{ 

35 
34 

140 
6 

MAVERICK   NATIONAL    BANK. 


175 


RAILROAD  BONDS. 


1877. 

1878. 

1879. 

1880. 

1881. 

Atchisonlst  7s,  . 
Atlantic  &  Pacific  6s, 

85 

934 

89} 

1094 

109J 

115 

112 

124| 

100 

1264 
1031 

A  tlantic&  Pacific  In- 

v"4 

come  6s,  . 

_ 

_ 

_ 

_ 

_ 

_ 

_ 

_ 

30 

61 

Eastern  6s  (34s  to  Sep 

'79),         .        .        . 

48  j 

54 

523 

74| 

65 

85 

824 

105 

103 

112 

Kan.Cy.S.J.&C.B.7s 

_ 

_ 

75 

9-4 

80 

107 

106 

123 

116 

1244 

L.  R.  &  Ft.  Smith  7s, 

_ 

_ 

_ 

61 

42 

863 

84 

111 

110 

119 

Mex.  Central  Ists, 

_ 

- 

_ 

_ 

_ 

_ 

864 

95 

N.  M.  &  So    Pac.  7s, 
Og.  &  Lake  Champ.  6s, 

- 

- 

98$ 

lOlg 

100 
95 

104$ 
100 

104$ 

98 

1163 
103 

114 

102 

1223 
1073 

Og.&  Lake  Champ,  inc 

- 

- 

- 

- 

- 

_ 

35 

38 

36 

77 

Pueb.  &  Ark.  Val.7s, 
Rutland  5s, 

774 

85 

82 
35 

1044 
63 

1033 
39 

1094 

107$ 
571 

118 
80 

116$ 
74J 

1234 
85 

Sonora  7s,  . 

_ 

_ 

_ 

_ 

_ 

_ 

89 

94 

Wis.  Central  Ists, 

_ 

_ 

_ 

_ 

_ 

_ 

493 

80 

75 

80 

Wis.  Central  2ds, 

- 

— 

- 

- 

- 

- 

30 

574 

45 

66 

1882. 

1883. 

1884. 

1885. 

1886. 

Atchison  1st  7s, 

116 

1214 

118 

1224 

117$ 

1223 

121J 

126 

1234 

128 

Atlantic  &  Pacific  6s, 

91 

98$ 

91 

98 

713 

94 

693 

844 

804 

891 

Atlantic  &  Pacific  In- 

come 6s,  . 

142 

37 

173 

361 

85 

23 

134 

27$ 

20 

271 

Cal.  South'rn  Incomes 

70 

87 

50 

70 

20 

424 

274 

60 

35 

694 

Eastern  6s  (3As  to  Sep. 

1 

'79),         .        .        . 

1043 

1104 

1083 

1134 

107 

1164 

1154 

123 

1214 

1354 

Kan.Cy.S.J.&C.B.7s 

1123 

118 

1093 

118 

112 

1204 

118| 

1244 

122 

1274 

L.  R.  &  Ft.  Smith  7s, 

100 

1124 

70     il06 

80 

994 

99 

113J 

113 

1184 

Mex.  Central  Ists, 

65 

89 

564 

753 

27 

631 

33J 

59J 

35$ 

601 

Mes.  Central  inc., 

19 

32 

10$ 

224 

6J 

16| 

6 

164 

5| 

22 

Mex.  Cent.  10s,  scrip, 

— 

- 

51 

61 

1004 

55 

92 

Mex.  Cent,  deb  10s,  . 

- 

— 

- 

- 

- 

— 

55 

97 

53 

864 

N.  M.  &  So.  Pac.  7a, 

110 

116 

1114 

1164 

1093 

119 

1183 

124 

123 

1283 

N.Y.&N.E.  6s,2ds, 

_ 

- 

- 

- 

— 

— 

80 

1092 

108 

1174 

Oregon  Sh.Line  6s,  . 

974 

1054 

903 

99$ 

65 

95 

844 

973 

953 

106 

Og.&Lake  Champ.  6s, 

103 

104 

100 

1033 

100 

1013 

101 

106 

103 

1074 

Og  &LakeChamp.inc. 

25 

47 

154 

So 

15 

23 

14 

36 

26 

47l 

Pueb.  &  Ark.  Val.  7s, 

1113 

117 

112 

1154 

1103 

119| 

1184 

123 

1221 

1273 

Rutland  5s, 

64 

793 

55 

65J 

60 

724 

665 

84 

81 

99| 

Sonora  7s,  . 

84 

108$ 

964 

80 

1004 

94 

1044 

984 

1074 

Wis.  Central  Ists,      . 

75 

80 

773 

S-l" 

76 

83 

743 

88 

86 

95 

Wis.  Central  2ds, 

42 

50 

40 

55 

32 

444 

334 

524 

35 

594 

176 


MAVERICK   NATIONAL    BANK. 


RAILROAD  STOCKS. 


1S77. 

187S. 

1S79. 

1S80. 

1881. 

Atch.  Top.  &  Santa  Fe, 

10} 

16} 

n 

94 

811 

124| 

113] 

1624 

92* 

1641 

Boston  &  Albany,      . 

"21t 

128 

117J 

1324 

129 

141 

138 

165 

158f 

1754 

Boston  Si  Lowell, 

60 

75J 

66$ 

80} 

68) 

87 

85t 

120 

100 

1151 

Boston  &  Maine, 

87 

100) 

964 

not 

108) 

120J 

119 

150) 

145 

165) 

Boston  A  Providence, 
Chi.,  Bur.  &  Qulncy, 

1014T1361 
95  f    119 

99f 
994f 

113 
113] 

101 
110) 

128 
1374t 

126 
1131f 

153 
182} 

153 
134J 

172) 
1824 

Chi.  &  West  Mich.,  . 

- 

- 

- 

174 

174 

60 

60 

79} 

724 

96f 

Central  Mass.,  com.,  . 

- 

- 

- 

- 

- 

- 

- 

- 

20 

40 

Cin.,  Ban.  &  Cleve.,   . 

1 

41 

H 

61 

8| 

20 

»1 

204 

18 

34 

Ku-irrn, 

24 

5J 

4} 

17 

10 

29 

24 

414 

31 

55 

Fitchburg,  . 

103 

117 

iioi  r  1214 

112 

124 

121 

145 

1324t  154 

Flint  &  P.  Mar.,  com., 

- 

- 

- 

- 

ill 

134 

134 

26i 

22 

40 

Flint*  P.  Mar.,  pref., 

- 

- 

- 

- 

- 

- 

70 

83 

81 

106 

I.  Halls  &  Sioux  City, 

- 

- 

;  50 

541 

47| 

52 

42 

65 

60 

934 

K.O.,  Ft.  Scott*  Gulf, 

- 

- 

- 

- 

6 

35 

29 

74 

73 

101 

L.  H.  &  Ft.  Smith,     . 

- 

- 

1 

8 

51 

37 

•274 

664 

69 

914 

Maine  Central,   . 

- 

- 

- 

•-••• 

401 

20 

384 

34 

54 

N.  Y.&N.Eng.,  com., 

10 

14 

10 

34| 

29| 

54 

32g 

554 

61 

86 

Old  Colony, 

841 

103i 

87 

103i 

05 

109J 

106J 

1281 

1244 

134 

PortH.,Ot.Fall8£Con. 

3 

44 

n 

11 

6 

131 

12 

35 

174 

40 

Jutland,  com.,   . 

- 

- 

75c. 

2 

1 

10) 

5 

9J 

4J 

8.43} 

KuUund,  pref.,   . 

64 

10J 

5 

»4 

61 

301 

22 

36} 

24 

33 

Summit  Brunch, 

10 

20 

84 

11 

6 

29 

8 

24 

8 

18| 

Union  1'aciflc,     . 

69} 

73 

611  !  73 

651 

944 

81 

113) 

1094 

131 

\Vls.  Central,  com.,  . 

- 

- 

- 

- 

- 

2 

20} 

184 

39 

Wl*.  Central,  pref.,  . 

- 

- 

- 

1 

- 

5 

414 

38 

69 

*  Stock  div.  50  per  cent. 


f  Kx  div. 


Kx  righu. 


MAVERICK   NATIONAL    BANK. 


177 


KAILROAD  STOCKS  —  Concluded. 


1883. 

1883. 

1884. 

1885. 

1886. 

Atch.Top.&SantaFe, 

78|* 

96} 

78 

86} 

594 

80} 

63}* 

894 

844* 

100 

Atlantic  &  Pacific,     . 

- 

— 

— 

5 

10 

6i 

H8 

7 

134 

Boston  &  Albany, 

1GO 

1754 

167 

185 

150 

181} 

168 

181}* 

178 

200* 

Boston  &  Lowell, 

98 

105 

89 

111} 

97J 

116 

1004 

ISJi 

1184 

136 

Boston  &  Maine, 

1394 

158| 

148J 

167 

145 

167 

1664 

1854 

181 

212 

Boston  &  Providence, 

1564* 

167 

160 

1673 

159 

173 

165 

1S54 

185 

218 

Chi.  &  East  Illinois,  . 

- 

— 

— 

— 

- 

55 

674 

80 

105 

Chi.,  Bur  &  North'n, 

_ 

_ 

_ 

_ 

_ 

_ 

t 

t 

54 

97 

Chi.,  Bur.  &  Quincy, 

1214 

1403 

116 

129 

107J* 

127| 

1161 

138 

129 

141* 

Chi.  &  West  Mich.,   . 

59| 

824 

404 

62 

33 

48* 

321 

54 

43| 

64i 

California  Southern,  . 

_ 

_ 

1 

7 

44 

141 

9 

391 

Central  Mass.,  com.,  . 

23 

22J 

1 

4 

1 

2 

14 

7 

41 

15 

Central  Mass.,  pref.,  . 

— 

— 

10 

19 

10 

23 

20 

404 

Cin.,  Sail  &Cleve.,  . 

20 

304 

16 

25 

10 

16 

9 

19 

13 

25^ 

Cleve.  &  Canton,  com., 

— 

— 

- 

- 

— 

- 

24 

7 

3 

8} 

Cleve.  &  Canton,  pref., 

— 

— 

— 

— 

- 

- 

164 

25 

18 

29 

Eastern, 

30 

49J 

35 

513 

294 

514 

43 

704 

68| 

129} 

Fitchburg,  . 

1244 

135J 

112 

129 

106| 

122 

10«4 

12l! 

115 

145 

Flint  &P  Mar.,  com., 

16} 

26 

20 

33} 

15J 

30J 

114 

19 

17 

344 

Flint  &  P.  Mar.,  pref., 

90| 

103 

97J 

1064 

84 

105 

71 

92 

82  4 

100 

I.  Falls,&  Sioux  Citv, 

75* 

96} 

75 

894 

69 

84 

60 

83* 

6:14 

704 

K.C.  ,  Ft.  Scott  &  Gulf, 

69$ 

854 

€2 

85 

74 

86* 

1  15 

954* 

70 

80 

L.  K.  &  Ft.  Smith,     . 

44 

70 

16 

41 

14 

24 

224 

444 

32 

51 

Maine  Central,  . 

38 

85} 

80 

93 

83 

98 

91 

125 

114 

150 

Mes.  Central, 

19 

33 

10 

22 

6 

17 

e 

15 

4 

143 

N.  Y.&N.  Eng.,  com., 

43 

64 

17* 

53 

9 

17J 

12} 

37| 

30 

63 

N.Y.&N.  Eng.,  pref., 

— 

- 

— 

- 

95 

111 

1694 

1514 

Oregon  Short  Line,   . 

- 

- 

- 

— 

- 

- 

141 

28 

21 

374 

Old  Colony, 

123J 

139 

131 

144 

131* 

149 

144} 

164 

1504 

184 

Ports.  ,  Gt.Falls  &Con. 

16} 

344 

20 

«4 

16 

36 

33 

53 

64 

118 

Kutlaud,  com.,   . 

2J 

5 

2} 

4| 

23 

3? 

24 

6 

4 

93 

Rutland,  pref.,   . 

17 

28 

14 

21 

14 

214 

15 

23 

39 

Summit  Branch, 

8 

164 

4 

8 

4 

15} 

10 

15 

13 

Union  Pacific,     . 

98}* 

120 

71* 

104  1 

28* 

844 

41J 

62 

67J 

Wis.  Central,  com.,  . 

124 

21 

13g 

2uJ 

74 

VI 

lOJ 

241 

15 

2f.| 

Wis.  Central,  pref.,  . 

25 

35 

25 

33 

15 

26 

19 

37| 

25 

38 

MISCELLANEOUS  STOCKS. 


1877. 

1878. 

1879. 

!      188O. 

j     1881. 

Am.  Bell  Telephone, 

50 

1,000     76 

940 

90 

171 

Maverick  Nat'l  Bank, 

145 

150j( 

140 

150'| 

142 

19'i{  l.l'.iO^ 

2264 

2264 

2-Vji, 

Pullman  Palace  Car,  . 

65* 

80 

93 

100 

73  4 

108* 

106J 

145} 

125* 

i 

1514 

1882. 

18S3. 

1884. 

1885. 

j     1886. 

Am.  Bell  Telephone 

124 

190 

1804 

299 

141 

275 

169?,* 

257 

156 

225 

N.  Eng.  Telephone, 

- 

- 

- 

— 

17* 

50 

25 

3t5 

30 

46', 

Erie  Telephone, 
Maverick  Nat'l  Bank 

220 

245 

281 
217 

62 
225 

135* 
220 

158* 
225 

184 
220 

32 
2254 

254 

,220" 

sr 

Mexican  Telephone, 

8 

6} 

13 

4:? 

1| 

2.933 

1 

13  li     1 

2 

Pullman  Palace  Car, 

119* 

145 

114 

1344 

94 

1104*j  '1063* 

136 

130 

1474* 

t  New. 


CHAPTER    XV. 


MISCELLANEOUS   STATISTICS. 


Copper.  —  Product  of  the  World,  Chili,  and  the  United  Stated.  —  Product  of  Lake 

Superior  Mines.  —  Prices  Ingot  Copper,  etc. 
Petroleum.  —  Its  Early  History.  —  American    Production.  —  Exports.  —  Prices, 

etc. 

Business  Failures,  1877-87 

Fire  Insurance  Statistics.  — Life  Insurance  Business. 
Population  of  Cities  of  the  World  above  200,000. 
Investors'  Stock  and  Bond  Tables. 
Interest.  — Laws  governing  Rates,  and  Statutes  of  Limitation.  — Days  of  Grace 

and  Damages  —  Legal  Holiday «.  —  Rules  for  calculating  Interest.  —  Increase 

of  Money  at  Simple  and  Compound  Interest. 
Business  Law  in  Daily  Use.  —  Franklin's  Business  Maxims. 

COPPER. 

America  leads  the  world  in  the  production  of  copper, 
the  United  States  and  Chili  contributing  nearly  one-half 
of  the  world's  supply.  The  product  of  the  United  States 
is  now  nearly  double  that  of  Chili,  and  has  increased  six- 
fold since  18GO.  In  that  year  it  was  5,388  tons;  in 
1870,  27,000  tons;  and  in  188G,  72,8-18  tons.  In  1850 
it  was  G50  tons.  A  single  mine,  the  Calumet  and  Hecla, 
yielded  in  188G  over  thirty  per  cent,  of  the  entire  product 
of  the  United  States,  or  over  25,000  tons.  It  has  paid 
its  stockholders  §28,500,000  in  dividends  since  1869. 
Copper-mining  is  carried  on  in  twenty-one  States  and 
Territories  ;  ore  has  been  found  in  several  others,  and  the 
industry  is  being  rapidly  developed. 


MAVERICK   NATIONAL   BANK. 


179 


Copper  Production  of  the  World,  1879  to  18S6. 


1886.* 

Tons. 

1884. 

Tons. 

1883. 

Tons. 

188O. 

Tons. 

1879. 

Tons. 

260 

600 

500 

500 

Argentine  Republic,  . 

_ 

159 

800 

300 

300 

Australia  

9,000 

13,300* 

8,950* 

9,700 

9,500 

_ 

400* 

455 

470 

245 

Bolivia,       .... 

_ 

1,300* 

3,259 

2,000 

2,000 

Cnpe  of  Good  Hope, 

7,000 

5,000 

5,000 

5,038 

4,328 

Chili,  .        .                 .        . 

37,000 

41,648 

42,909 

42,916 

49,318 

Canada  

1,000 

236 

221 

50 

50 

Kngland,     .... 

3,000 

2,500* 

3,464 

3.002 

3,462 

Germany,   .... 

15,000 

14,782t 

13,316 

10,800 

9,000 

Hungary  

- 

500* 

976 

976 

976 

Italy  

1,000 

1,325 

1,400 

1,380 

1,140 

5,000 

6,000* 

2,800 

1,900 

1,900 

Mexico,       .... 

291 

401 

400 

400 

Newfoundland,  . 

1,000 

668 

1,500 

1,500 

1,500 

Norway,      .... 

- 

2,706 

2,590 

2,426 

2,412 

Peru,   ..... 

- 

362 

440 

600 

600 

Russia,        .... 

5,000 

4,000* 

3,000 

3,081 

3,081 

Sweden  

- 

662 

798 

1,074 

800 

Spain  and  Portugal,  . 

45,000 

43,664f 

38,774 

35,474 

32.697 

United  States,     . 

70,000 

63,950 

39,300 

25,010 

23,350 

Venezuela, 

3,000 

4,600 

3,700 

1,800 

1,597 

Cape  Breton, 

30,000 

_ 

- 

_ 

_ 

Miscellaneous,    . 

8,000 

- 

- 

- 

- 

Total  

210,000 

218,774 

181,438 

154,065 

151,989 

*  Estimated. 


f  Partially  estimated. 


The  new  sources  of  copper  supply  discovered  or  opened 
up  in  188G  are  the  Chief  Boleo  mines  in  Lower  California, 
the  Sudbury  mines  in  Ontario,  Can.,  and  the  Cape  Breton 
mines  in  Nova  Scotia. 


COPPER  PRODUCTION  OP  THE  WORLD. 

Eight  Years  to  January  1,  1SS7.  In  Tons. 

COPPER  PRODUCTION  OF  CHILI. 
Eijfht  Years  to  January  1,  18S7.    In  Tons. 

YEAR. 

Product. 

YEAR. 

Product. 

1879, 

151,989 
154,065 
163.030 
181,438 
198,341 
218,774 
223,427 
212,556 

1879  
1880  
1881  

49,318 
42,916 
37,989 

42,909 
41,099 
41,648 
38,500 
35,025 

1880  

1881  

1882  

1882,      
1883  

1883  
1884,      
1885,      

1884,      
1885,       

1886,      

1886,      

180 


MAVERICK   NATIONAL   BANK. 


Copper  Production  of  the  United  States. 
Six  YEARS  TO  JANUARY  1,  1887.     IN  TONS. 


1886. 

1889. 

1884. 

1883. 

1882. 

1881. 

Lake  Superior,    . 
Arizona, 
Montana, 
Other  Btatea  and 
Territories, 

39,298 
7,143 
25,067 

1,340 

32,207 
10,137 
30,267 

1,439 

30,961 
11,935 
19,238 

2,574 

26,653 
10,658 
11,011 

3,252 

25,439 
8,029 
4,044 

2,956 

26,500 
4,000 
876 

4,475 

Totals,  . 

72,848 

74,062 

64,708 

61,574 

40,468 

35,850 

Lake  Superior  Product,  by  Mines,  1870-1887. 

[Pounds  Ingot  Copper.    000  omitted.] 


COMPANIES. 

1870. 

1881. 

1883. 

1883. 

1884. 

1883. 

1886. 

Calumet  and  Ilecla,* 
(^uincy,*     .... 

14,061 
2,497 

31,300 
5,702 

G2,0f>3 
5,082 

33  125 
5  549 

40,473 
5,680 

47,247 
5,848 

50,518 
7,102 

4,17'J 

4,176 

4  256 

4,247 

1  1,939 

3,944 

Franklin,*  .... 
Atlantic,*   .... 
IVwabic,*   .... 
Allouez,*    .... 

1,178 
1172 
546 

1,327 

2,677 

l!s72 
1.2U4 
1,418 

3,'J64 
2,631 
1,48'J 
1,683 
1,303 

3  489 
2  C.82 
1  171 
1  751 
1  20S 

3,748 
3,163 
227 
1,932 
1,446 

3,909 
3,582 

2,135 
2,109 

5,606 
4,830 

2,174 

Copper  Falls,*    . 
Hancock  

407 
3 

571 
467 

601 
540 
737 

832 
481 
659 

930 
562 
481 

1,168 
203 
365 

1,806 

Phienix,*     .... 
Conglomerate,    . 
Huron,*       .... 
Kultfe  

999 

84 
245 

409 
386 
254 
235 

537 

734 
364 
102 

512 

720 
60 

572 
1,152 
1,927 
74 

344 

2,258 
63 

2,698 

St.  Clair,     .... 
Cliff  
(irand  Portage,  . 
Minnesota  
Prninsula,  .... 
Other  mines,!     . 

444 

401 
!1,2S1 

125 
79 
26 

*.4 

SCO 

87 
66 
757 
10 

318 

125 
10 
735 
6 
819 
756 

175 
37 
Zo5 

i 

1,223 

786 

12 
§802 

1,422 

Total,  in  pounds, 

24,022 

54,414 

57,186 

59,268 

IW,201 

72,139 

80,000 

*  The  returns  of  these  miues  are  all  official. 
f  Mill  running  only  six  months. 
!  Fifteen  different  mines  of  small  productt. 

§  Of  this   the   National   produced    162,252    pounds,   Tamarack    (one   month) 
181,669,  and  Wolverine  328,610  pounds. 

The  Calumet  Jincl  Ilecla  during  five  months  of  1887 
produced  12.9G8  tons  of  copper  against  13,249  tons  for 
the  same  period  in  1886. 


MAVERICK   NATIONAL   BANK. 


181 


Product  of  Lake  Superior  Mines. 

[In  Ingot  Copper  and  Hi  cash  value,  1845  to  1886,  inclusive.] 


TEAS. 

Tons. 

Value. 

YKAB. 

Tons. 

Value. 

YKAK. 

Tons. 

Value. 

1845-58, 

18,772 

$9,333,380 

1867, 

8,764 

$4,442,841 

1877, 

19,513 

$7,327,888 

1858, 

4,580 

2,129,235 

1868, 

10,467 

4,940,424 

1878, 

20,846 

6,920,540 

1859, 

4,464 

2,239,591 

1869, 

13,312 

6,230,016 

1879, 

21,426 

7,327,350 

I860, 

6,034 

2,654,960 

1870, 

12,311 

5,096,752 

1880, 

24,869 

9,947,673 

1861, 

7,519 

3,487,995 

1871, 

13,373 

5,728,485 

1881, 

27,270 

9,971,702 

1862, 

6,793 

3,6-4,255 

1872, 

12,277 

7,979.400 

1882, 

28,578 

10,522,416 

1863, 

6,493 

4,415,600 

1873, 

15,040 

8,726,100 

18S3, 

29,836 

9,457,853 

1864, 

6,246 

5,870,300 

1874, 

17,167 

8,009,358 

1884, 

34,600 

9,494,306 

1865, 

7,179 

5,635,515 

1875, 

18,020 

8,120,626 

1885, 

35,649 

7,942,596 

1866, 

6,875 

4,629,375 

1876, 

19,135 

7,998,430 

1886, 

40,000 

8,760,000 

Ingot  Copper. 

Highest  and  Lowest  Prices  for  Ten  Years  to  Jan. 
1887,  and  Average  Price  for  each  Year. 


YEAR. 

Low. 

High. 

Av.  Price 
for  Year. 

1877,         

17}£ 

20% 

18.80 

1878,         

15J-a 

\-(y. 

16  42 

1879,         ......... 

15% 

21V 

17  35 

1880  

18 

24  ^ 

20  18 

1881  

16 

20% 

18  27 

1882  

17% 

20  Y> 

1841 

1883  
1884,         

14« 

10% 

18 
15 

15.85 
13.72 

1885  

10% 

11% 

11.14 

1886  
1887  (5  monthi)  

10 
9.90 

12% 

11.85 

10.95 
10.87 

Chili  Bars. —  Price  per  Ton  for  Ten  Years  to  Jan.  1, 1887. 


YEAR  (Jan.  1). 

London 
Prices. 

American 
Equiva- 
lent. 

YEAR  (Jan.  1). 

London 
Prices. 

American 
Equiva- 
lent. 

1877, 

£76.10 

$382.50 

1883, 

£65. 

$325.00 

1878, 

65.15 

328  75 

18S4, 

58. 

290.00 

1879, 

58.5 

291.2.') 

1885, 

47. 

236.25 

1880, 

65.15 

328.75 

1886, 

41. 

205.00 

1881, 

61.15 

308  75 

1887, 

38.10 

192.50 

1882, 

71. 

355.00 

182  MAVERICK   NATIONAL   BANK. 

PETROLEUM. 

Petroleum  was  known  to  exist  in  New  York  and  Penn- 
sylvania long  before  it  was  practically  utilized.  The 
name  "Oil  Creek"  was  given  to  two  branches  of  the 
Alleghany  River  in  Alleghauy  County.  X.  Y.,  and  Ve- 
nango  County,  Pa.,  because  of  the  oil  which,  forcing  an 
outlet  through  springs,  was  found  on  the  surface  of  their 
waters.  In  1845  it  was  struck  in  comparatively  large 
quantities  while  boring  for  salt  near  Tarentum,  thirty- 
five  miles  above  Pittsburg,  on  the  Alleghany  River.  The 
first  movement  toward  obtaining  a  supply  of  it  for  illu- 
minating purposes  was  made  in  1854  by  Eveleth  and 
Bissell  of  New  York,  who  secured  one  of  the  springs  on 
Oil  Creek,  Pa.,  and  organized  a  company  to  work  it;  but 
no  progress  was  made  until  December,  1857,  when  one 
Bowditch  and  Col.  E.  L.  Drake  of  New  Haven  began  to 
search  for  oil.  The  latter  moved  to  Titusville,  Pa.,  and 
in  the  winter  of  1858-59  began  to  bore  through  the  solid 
rock.  His  apparatus  was  so  defective  that  it  was  not 
until  Aug.  26,  1859,  that  he  struck  oil  at  a  depth  of 
seventy-one  feet.  The  honor  of  the  discovery  of  the 
boring  process  has  been  much  disputed,  but  a  majority  of 
people  acquainted  with  the  early  history  of  the  oil 
country  agree  in  giving  it  to  Colonel  Drake.  A  boom 
was  immediately  started,  and  in  18GO  there  were  two 
thousand  wells,  seventy-four  of  which  produced  1,1  G5 
barrels  per  day.  The  Cuba  field,  in  Alleghany  County, 
N.  Y.,  was  opened  up  Jan.  1,  18G1.  Petroleum  lias  since 
been  found  to  have  a  wide  geographical  distribution.  It 
is  found  in  West  Virginia,  Ohio,  and  in  smaller  quanti- 
ties in  various  Western  States.  In  Russia  and  in  most 
of  the  countries  surrounding  the  Caspian  Sea  there  are 
extensive  fields,  and  oil  is  also  found  in  India  and  Egypt ; 
but  none  is  produced  anywhere  equal  in  quality  to  that 


MAVERICK   NATIONAL    BANK. 


183 


of  the  original  Pennsylvania  fields,  and  the  frequent  ad- 
ditions which  have  been  made  to  them. 

The  yearly  and  daily  average  production  of  petroleum 
from  Aug.  26,  1859,  to  Jan.  1,  1877,  were  as  follows :  — 


YEAR. 

Total 
Barrels. 

Daily 
Average 
Barrels. 

YKAB. 

Total 
Barrels. 

Daily 
Average 
Barrels. 

1859, 

82,000 

_ 

1868,   . 

3,583,176 

9,816 

1860, 

500,000 

1,369 

1869,   . 

4,210,720 

11,536 

1861, 

2,113,000 

5,789 

1870,   . 

5,673,195 

15,343 

1862, 

3,056,000 

8,372 

1871,   . 

5,715,900 

15,660 

1863, 

2,611,000 

7,153 

1872,   . 

6,531,675 

17,895 

1864,   . 

2,116,000 

5,797 

1873,   . 

7,878,629 

21,585 

1865,   . 

2,497,000 

6,841 

1874,   . 

10,950,730 

30.002 

1866,   . 

3,597,000 

9,854 

1875,   . 

8,787,506 

24,075 

1867,   . 

3,347,000 

9,169 

1876,   . 

9,175,906 

25,139 

The  following  table  shows  production,  pipe-line  deliv- 
eries, and  export  charters  of  petroleum,  in  barrels,  from 
Jan.  1,  1877,  to  May  1,  1887 :  - 

Production,  Shipments,  and  Charters  of  Petroleum. 


YEAR. 


Total 
Production. 


Daily 
Aver- 
age. 


Total 
Shipments. 


Daily 
Aver- 
age. 


Total 
Charters. 


Daily 
Aver- 
age. 


1877, 
1878, 
1879, 
1880, 
1881, 

1882,  . 

1883,  . 
1881,  . 

1885,  . 

1886,  . 

1887  (4 months),  . 


13,940,171 
15,164,462 
19,741,661 
26,562,000 
28,447,115 
31,059,165 
24,385,968 
23,691,264 
21,225.203 
21,030.765 
6,554,313 


38,192 
41,546 
54,086 
72,772 
77,934 
85.093 
66,093 
64,880 
58,145 
57,635 
54,619 


9,538,400 
12,401,800 

8,785,000 
14,921,300 
14,349,600 
13,791,189 
14,469,107 
15,374,490 
13,801,746 

4,205,825 


"  Runs  "  are  receipts  of  the  pipe  lines,  practically  representing  production  ; 
"  shipments"  are  deliveries  by  the  pipe  lines  to  refiners,  etc.  ;  "  charters  "  are 
equivalent  to  actual  exports. 


The  following  table  gives  the  fluctuations  in  market 
price  per  barrel  of  pipe-line  certificates  for  nine  years 
to  Jan.  1,  1887:  — 


184 


MAVERICK  NATIONAL  BANK. 


Petroleum  Certificates. 


YEAR. 

Month. 

High. 

Month. 

Low. 

Fluctu- 
ations. 

Average 
for  Year. 

1878  
1879,  ... 

Feb., 
Dec., 

1.87 

1.28 

Sept., 

.78 
.63 

1.09 
.65 

1.17 
86 

1880,  
1881,  

JUDO, 
Sept., 

1.84?f 
1.01J,' 

April, 
July, 

.70Ji 
.72^ 

.5334" 

.28'-,' 

.95 
.85?^ 

1882  
1883,  
1884  

Nov., 
.June, 

1.37 
1-24% 
1.1  5% 

July, 
Jan., 

.49"i 
.83'4' 
.60'; 

.87% 
.41  'i 
.64'; 

.79 
1.06 
.84 

1885  
1886,  

Oct., 
Jan., 

1.12>£ 
.92>4 

Jan., 
Aug., 

.68 
.59% 

.44,  '3 
.32,'i 

.88.^ 
.71?,' 

The  increase  in  the  Russian  petroleum  exports  during 
1885  and  1886  has  been  felt  to  some  extent  by  the 
American  oil  trade.  The  shipping  facilities  at  Batoum 
arc  good,  but  additional  means  of  transportation  is  re- 
quired between  that  port  and  the  Baku  fields.  A  j-'pe 
line  has  been  discussed,  but  the  government  forbade  the 
use  of  any  material  excepting  Russian.  The  immense 
well  reported  at  Bibi-Eibat,  which  opened  with  a  flow  of 
25,000  barrels  per  day,  has  entirely  ceased  to  produce. 

The  table  below  shows  exports  of  petroleum  products 
from  Batoum  in  gallons,  as  follows  :  — 


YEAR. 

Total. 

Net  Increase 
In  1MS6. 

18S5  

31,6:19,925 

1886  

54,236,320 

25,959,010 

BUSINESS  FAILURKS,  1877  TO  1886,  INCLUSIVE. 


YEAR. 

N'umhor  in 
Business. 

Xiimhor 
Failures. 

Liabilities. 

Average 
Liabilities. 

Proportion 
of 
"  Failures. 

1877, 

652,oofi 

8,872 

|lW,669.03fi 

$21,491 

1  In    73 

1878, 

074,741 

10.-I78 

234.383,132 

22,:i69 

1   in     64 

1879, 

702,1.  '.7 

6.G.-.8 

S)8,149,0.'>3 

14,741 

1  In  105 

1880, 

74R.H23 

4,73.'> 

C.'>,752,000 

13,886 

1  in  158 

1881, 

7X1,  f«9 

5,582 

81  ,155.932 

14,  538 

1  in  140 

1882, 

822/.1;.6 

6,7:;s 

ini,ra7,.r>(U 

15,062 

1  in  122 

1883, 

863,993 

9,184 

172,874,172 

18,823 

1  in    94 

1S84, 

904,7'>9 

10,968 

226,:543,427 

20,638 

1  In    82 

1885, 

919,990 

10,637 

124,220,321 

11,679 

1  In    86 

1886, 

969.S41 

9,834 

114,644,119 

11,703 

1  in    98 

MAVERICK  NATIONAL  BANK. 


185 


FIRE  INSURANCE. 

The  following  table  shows  the  American  business  of 
the  home  and  foreign  fire  insurance  companies  in  this 
country :  — 


a 

s-s 

00   Q) 

ij 

*2 

"•".a   • 
o  oj§ 

0 

Fire 

Fire 

w~ 

WN 

C2 

Fire  Risks 

38 

a%_  g 

•*-    *^ 

qj       «3 

. 

Premiums 

Losses 

O    QJ 

.      -»-» 

*^  o 

Written. 

YEAB. 

^ 

Received. 

Paid. 

E-a  1 

£s»S 

^^   | 

S  |S 

O  oi 

°  ^  3 

"go  « 

~         I-J 

3  2  O 

sf  "= 

g'3 

O        O) 

°  °.2 

2  ^8 

3  0, 

fc 

In  Millions 

In  Millions 

In  Millions 

^  o  * 

I3* 

sis 

4^* 

1876, 

197 

$6,293 

$56 

$28 

50.52 

.4457 

224.34 

.8822 

1877, 

276 

6,733 

55 

31 

56.63 

.4609 

216.96 

.8137 

1878, 

332 

6,861 

52 

26 

50.67 

.3838 

260.51 

.7575 

1879, 

307 

6,984 

64 

32 

58.76 

.4516 

221.40 

.7686 

1880, 

293 

7,835 

62 

34 

54.11 

.4278 

233.75 

.7904 

1881, 

299 

8,582 

69 

39 

55.86 

.4491 

222.64 

.8040 

1882, 

266 

9,456 

76 

44 

58.44 

.4686 

213.38 

.8019 

1883, 

300 

10,306 

86 

50 

57.85 

.4828 

207.11 

.8346 

1884, 

293 

10.213 

90 

55 

61.40 

.5415 

184.67 

.8819 

1885, 

308 

10,269 

93 

53 

57.69 

.5201 

192.26 

.9016 

1886, 

306 

10,535 

95 

52 

54.34 

.4914 

203.47 

.9042 

LIFE  INSURANCE. 

Summary  of  business  for  six  years  of  all  regularly 
organized  life  insurance  companies  (numbering  47)  in 
the  United  States,  1879-1884  :  — 

[000  omitted.] 


g 

STS 

0 

_, 

, 

1 

a 

a 

0° 

«| 

a 

POLICIES  IN  FORCE 

3 

0)  ^ 

i 

S>>> 

M   3 

1 

END  OF  YEAR. 

YEAB. 

2- 

s 

Ss 

C  bo 

1 

S 

t->  '^ 

3 

o 

"3"*  ai 

oSS 

3*1 

11 

No. 

Amount. 

if 

En1"1 

H 

a 

H 

•"! 

1879, 

$53,977 

$79,929 

$59,289 

$9,547 

$70,604 

694 

$1,515,574 

$431.614 

1880, 

65,249 

79,739 

55,020 

10,963 

69,418 

902 

1,578,904 

453,241 

1881, 

58,781 

84,083 

55,703 

12,135 

70,806 

1,069 

1,676,926 

461,058 

1882, 

64,131 

89,755 

55,800 

12,976 

71,354 

1,32-5 

1,793,148 

480,127 

1883, 

69,894 

97,466 

59,447 

15,404 

77,793 

1,657 

1,959,567 

501,639 

1884, 

75,603 

101,924 

61,216 

16,189 

81,811 

1,895 

2,093,492 

519,674 

1885, 

83,879 

112,303 

64,447 

17,912 

86,205 

2,170 

2,300,070 

551,742 

186 


MAVERICK   NATIONAL    BANK. 


CITY  POPULATION  ABOVE  200,000. 

[According  to  the  latest  censuses.] 

London,  England,  . 

3,832,441 

Buda-Pesth,  Hungary,    . 

305,051 

Paris,  France  

2,209,023 

Marseilles,  France, 

860,099 

Canton,  China  (eat.), 

1,500,000 

Jaugtschau,  China, 

360,000 

New  York,  United  States,     . 

1,206,577 

St.  Louis,  United  States, 

350,518 

1,122,330 

Baltimore,  United  States, 

332,313 

Vienna,  Austria, 

1,103,857 

Amsterdam,  Holland,     . 

323,047 

Tschantshau-fu,  China  (est.), 

1,000,000 

Cairo,  Kgypt,  .... 

327,462 

8ingau-fu,  China  (est.), 

1,000,000 

Milan,  Italy  

321,839 

Siangtau,  China  (est.),  . 

1,000,000 

Leeds,  England, 

309,126 

Tokio,  Japan  (est.), 

1,000,000 

Rome,  Italy,     .... 

300,467 

Baitama,  Japan, 

962,717 

Hamburg,  Germany, 

289,859 

Tientsing,  China  (est.),  . 

950,000 

Lucknow,  India, 

284,779 

St.  Petersburg,  Russia,  . 

927,467 

Sheffield,  England, 

284,410 

Philadelphia,  United  States,  . 

847,170 

Osaka,  Japan,  .... 

284,105 

Tschingtu-fu,  China  (est.),    • 

800,000 

Breslau,  Prussia,     . 

279,212 

Moscow,  Russia, 

748,000 

Shanghai,  China,     . 

278,000 

Calcutta,  India, 

633,329 

Rio  de  Janeiro,  Brazil,  . 

274,972 

Bombay,  India, 

644,405 

Copenhagen,  Denmark, 

273,727 

Constantinople,  Turkey  (est.), 

600,000 

Ning-l'o,  China, 

260,146 

Bangkok,  India  (est.),    . 

600,000 

WnUchang,  China  (est.), 

260,000 

Tschungking-fu,  China  (est  ), 

600,000 

Cincinnati,  United  States, 

255,809 

Tlankow,  China  (est.)i   •        • 

600,000 

<>'>2,832 

Fooehow,  China  (est.),  . 

600,000 

Melbourne,  Australia,     . 

252,000 

Brooklyn,  United  States, 

566,639 

Weihein,  China  (est.),  . 

250,000 

Glasgow,  Scotland, 

555,289 

Taijuen-fu,  China  (e«t.), 

250,000 

Liverpool,  England, 

552,423 

Leinkong,  China  (est.),  . 

250,000 

Chicago,  United  States,  . 

503,185 

Seoul,  Corea  (est.), 

250,000 

Sutschau,  China  (est.),  • 

500,000 

Dublin,  Ireland, 

249,486 

Schaohing,  China  (est.), 

500,000 

Barcelona,  Spain,    . 

249,106 

Peking,  China  (cat.),      . 

500,000 

Lisbon,  Portugal,    . 

246,343 

Pekalongan,  Java  (est.), 

500,000 

Palermo,  Italy, 

244,991 

Naples,  Italy  

494,314 

Mexico,  Mexico, 

236,500 

Nangkin,  China  (est.),  . 

450,000 

Taiwan-fu,  China  (eat.), 

235,000 

Birmingham,  England,  . 

400,757 

San  Francisco,  United  States, 

233,959 

Ilangtscheu-fti,  China  (est.), 

400,000 

Munich,  Bavaria,     . 

230,023 

Fatschau,  China  (est.),  • 

400,000 

TengtBchau-fu,  China  (est.), 

230,000 

Yamanashi,  Japan  (OBI.), 

400,000 

229,310 

Madrid,  Spain, 

3H7,'>00 

Edinburgh,  Scotland,      . 

228,075 

Madras,  India, 

397,55-2 

Bordeaux,  France,  . 

221,305 

Manchrster,  England,     . 

393,fi70 

Bucharest,  Ilonmania,    . 

221,000 

Boston,  United  States,    . 

390,400     PrcMilfn,  H.-imny,    . 

220,818 

Warsaw,  Poland,    . 

383,07:1     New  Orleans,  United  States, 

216,690 

Brussels,  Belgium,  . 

377,084     Belfast,  Ireland,      . 

207,671 

Lyons,  France, 

376,613  j  Bristol,  England,    . 

206,503 

MAVERICK    NATIONAL   BANK. 


187 


RATE  OF  INCOME 

Realized  on  Bond  Investments  if  Purchased  at  the  Follomng 
Prices  and  Held  to  Maturity,  at  5,  6,  and  7  per  Cent. 


PRICK. 

1  YEAR  TO  RUN. 

2  YEARS  TO  HUN. 

3  YEARS  TO  RUN. 

Five 
per 
Cent. 

Six 
per 
Cent. 

Seven 
per 
Cent. 

Five 
per 
Cent. 

Six 
per 
Cent. 

Seven 
per 
Cent. 

Five 
per 
Cent. 

Six 
per 
Cent. 

Seven 
per 
Cent. 

$90, 

_ 

_ 

_ 

_ 

_ 

_ 

8.87 

9.94 

_ 

95,        ... 

- 

- 

- 

7.74 

8.78 

9t81 

6.87 

7.90 

8.94 

98,        ... 

7.11 

8.12 

9.14 

7.11 

7.09 

8.11 

5.73 

6.75 

7.76 

101, 

3.97 

4.96 

5.96 

4.47 

- 

6.46 

4.64 

- 

6.63 

103,        ... 

1.97 

2.93 

3.91 

3.43 

4.42 

5.40 

3.93 

4.91 

5.90 

105, 

- 

- 

1.93 

2.42 

3.39 

4.36 

3.24 

4.21 

5.18 

107, 

- 

- 

- 

- 

2.39 

3.35 

2.56 

3.52 

4.48 

110, 

- 

- 

- 

- 

- 

1.88 

1.57 

2.52 

3.46 

115, 

- 

- 

- 

- 

- 

- 

- 

- 

1.84 

PKICB. 

4  YEARS  TO  RUN. 

5  YEARS  TO  RUN. 

6  YEARS  TO  RUN. 

Five 
per 
Cent. 

Six 
per 
Cent. 

Seven 
per 
Cent. 

Five 
per 
Cent. 

Six 
per 
Cent. 

Seven 
per 
Cent. 

Five 
per 
Cent. 

Six 
per 
Cent. 

Seven 
per 
Cent. 

$80, 

_ 

_ 

_ 

_ 

_ 

_ 

9.44 

_ 

_ 

85,        ... 

9.60 

- 

- 

8.77 

9.87 

- 

80.1 
.  .Z-; 

9.32 

- 

90,        ... 

7.97 

9.03 

- 

7.43 

8.50 

9.56 

7.07 

8.14 

9.21 

95,        ... 

6.44 

7.47 

8.50 

6.  IS 

7.21 

8.24 

6.00 

7.04 

8.07 

98,        ... 

5.56 

6.58 

7.59 

5.46 

6.48 

7.49 

5.40 

6.41 

7.42 

101, 

4.72 

5.72 

6.71 

4.77 

5.77 

6.76 

4.81 

- 

6.79 

103, 

4.18 

5.16 

6.14 

4.33 

5.31 

6.29 

4.43 

5.41 

6.39 

105, 

3.64 

4.62 

5.59 

3.89 

4.86      5.83 

4.05 

5.03 

6.00 

107, 

3.13 

4.09 

5.05 

3.47 

4.42 

5.38 

3.69 

4.65 

5.61 

110, 

2.37 

3.31 

4.26 

2.84 

3.79 

4.73 

3.10 

4.10 

5.05 

115, 

- 

2.07 

2.99 

1.84 

2.77 

3.69 

2.31 

3.23 

4.15 

120, 

- 

- 

1.80 

- 

1.80 

2.70 

1.50 

2.40 

3.30 

125, 

- 

- 

- 

- 

- 

1.76 

- 

1.61 

2.49 

130, 

- 

- 

- 

- 

- 

- 

- 

- 

1.72 

188 


MAVERICK  NATIONAL  BANK. 


RATE  OF  INCOME 

Realized  on  Bond  Investments  if  Purchased  at  the  Following 
Prices  and  Held  to  Maturity,  at  5,  6,  and  7  per  cent.  —  Con. 


PRICK. 

8  YEARS  TO  RCN. 

1O  YEARS  TO  Kuu. 

12  YEARS  TO  Mrs. 

Five 
per 
Cent. 

Six 
per 
Cent. 

Seven 
per 
Cent. 

Five 
pei 
Cent 

Six 
per 
Cent. 

Seven 
per 
Cent. 

Five 
don't. 

Six 
per 
Cent. 

Seven 
per 
Cent. 

$71,        .        .        . 

_ 

_ 

_ 

9.57 

_ 

_ 

9.00 

_ 

_ 

75,        ... 

9.  §4 

— 

— 

8.81 

— 

- 

8.34 

9.54 

- 

78,        ... 

_ 

_ 

_ 

5.26 

9.45 

— 

7.87 

9.04 

— 

80,        ... 

8  50 

9.65 

_ 

7.94 

9.09 

_ 

7.57 

8.72 

9.88 

85,        ... 

7  53 

8.63 

9.74 

7.12 

8.23 

9.34 

6.86 

7.96 

9.08 

00, 

6.03 

7.70 

8.77 

6.G7 

7.44 

8.51 

6.19 

7.26 

8.34 

95,        ... 

5.79 

6.82 

7.85 

5.66 

6.70 

7.73 

5.58 

6.61 

7.64 

98,        ... 

5  31 

G.32 

7.34 

5.20 

0.27 

7.28 

5.34 

6.24 

7.25 

101, 

4.85 

5.84 

6.84 

4.87 

5.87 

6.86 

4.89 

5.88 

6.88 

103,        ... 

4.55 

5.53 

6.51 

4.62 

5.60 

6.59 

4.89 

5.65 

6.63 

105, 

4.26 

5.23 

6.20 

4.38 

5.35 

6.32 

4.46 

5.43 

6.40 

107, 

3.97 

4.93 

5.89 

4.14 

5.10 

6.06 

4.25 

5.21 

6.17 

110, 

3.55 

4.50 

5.44 

3.79 

4.73 

5.68 

3.95 

4.89 

5.83 

115, 

2.89 

3.81 

4.73 

3.23 

4.15 

5.07 

3.46 

4.38 

5.30 

120, 

2.25 

3.15 

4.15 

2.70 

3.60 

4.49 

3.00 

3.90 

4.79 

125, 

1.66 

2.53 

3.40 

2.20 

3.08 

3.95 

2.57 

3.44 

4.31 

130,        ... 

_ 

1.93 

2.79 

1.72 

2.58 

3.43 

2.15 

3.00 

3.85 

135,        ... 

_ 

1.37 

2.20 

_ 

2.10 

2.94 

_ 

2.59 

3.42 

140, 

~ 

"" 

1.64 

~ 

~ 

2.46 

~ 

~ 

3.00 

PRICK. 

14  YEARS  TO  RUN. 

18  YEABS  TO  KUN. 

20  YEARS  TO  I;  rx. 

Five 
per 
Cent. 

Six 
per 
Cent. 

Seven 
per 
Cent. 

Five 
per 
Ceut. 

Six 
per 
Cent. 

Seven 
per 
Cent. 

Five 
per 
Cent. 

Six 
per 
Cent. 

Seven 
per 
Cent. 

$71.        .        .        . 
75,        ... 

8.60 
8.00 

9.87 
9.21 

- 

8.09 
7.57 

9.36 
8.79 

- 

7.91 
7.42 

9.20 
8.65 

- 

78,        ... 

7.58 

8.78 

9.95 

7.20 

8.39 

9.59 

7.07 

8.27 

9.47 

80,        ... 

7.31 

8.47 

9.63 

6.97 

8.14 

9.31 

6.85 

8.03 

9.21 

85,        ... 

6.66 

7.78 

8.90 

6.42 

7.53 

8.66 

6.33 

7.46 

8.58 

90,        ... 

6.07 

7.14 

8.22 

6.91 

6.98 

8.06 

5.86 

6.93 

8.01 

95,        ... 

5.52 

6.55 

7.59 

5.44 

6.47 

7.51 

5.41 

6.45 

7.49 

98,        ... 

5.20 

6.22 

7.23 

5.17 

6.19 

7.20 

5.18 

6.18 

7.19 

101, 

4.90 

5.89 

6.89 

4.92 

5.91 

6.91 

4.92 

5.91 

6.91 

103, 

4.71 

5.69 

6.f,7 

4.75 

5.73 

6.71 

4.92 

5.75 

6.73 

105, 

4.51 

5.48 

6.45 

4.59 

5.56 

6..V2 

4.62 

5.58 

6.55 

107, 

4.33 

5.29 

6.2> 

4.43 

5.39 

6.34 

4.47 

5.42 

6.38 

110, 

4.06 

5.00 

5.94 

4.20 

5.14 

6.08 

4.25 

5.19 

6.13 

115, 

3.62 

4.54 

5.45 

3.84 

4.75 

5.60 

3.91 

4.82 

5.73 

120, 

3.22 

4.11 

5.00 

3.49 

4.33 

5.27 

3.59 

4.43 

5.36 

125,        ... 

2.83 

3.70 

4.56 

3.17 

4.03 

4.90 

3.29 

4.15 

5.01 

130, 

2.45 

3.31 

4.15 

2.86 

3.70 

4.54 

3.00 

3.84 

4.68 

135, 

_ 

2.93 

3.76 

_ 

3.39 

4.21 

_ 

3.64 

4.36 

1  10, 

- 

- 

3.39 

- 

- 

3.89 

- 

- 

4.06 

MAVERICK   NATIONAL   BANK. 


189 


RATE  OF  INCOME 

Realized  on  Bond  Investments  if  Purchased  at  the  Following 
Prices  and  Held  to  Maturity,  at  5,  6,  and  7  per  cent.  —  Con. 


PKICB. 

26  YEARS  TO  RUN. 

30  YEARS  TO  RUN. 

35  YEARS  TO  RUN. 

Five 
per 
Cent. 

Six 
per 
Cent. 

Seven 
per 
Cent. 

Five 
per 
Cent. 

Six 
per 
Cent. 

Seven 
per 
Cent. 

Five 
per 
Cent. 

Six 
per 
Cent. 

Seven 
per 
Cent. 

$71, 

7.57 

8.81 
8.31 
7.98 
7.76 
7.28 
6.81 
6.39 
6.15 
5.93 
5.78 
5.63 
5.51 
5.31 
5.00 
4.71 
4.43 
4.18 
3.93 

9.25 
9.01 
8.43 
7.91 
7.44 
7.17 
6.92 
6.75 
6.60 
6.44 
6.22 
5.87 
5.54 
5.23 
4.94 
4.66 
4.40 

7.43 
7.01 
6.71 
6.53 
6.10 
5.70 
5.34 
5.13 
4.94 
4.81 
4.69 
4.57 
4.40 
4.12 
3.87 
3.63 
3.40 

8.75 

8.27 
7.93 
7.72 
7.23 
6.79 
6.38 
6.15 
5.93 
5.79 
5.65 
5.52 
5.33 
5.03 
4.74 
4.48 
4.23 
3.99 

9.16 
8.93 
8.38 

7.88 
7.42 
7.16 
6.92 
6.77 
6.62 
6.47 
6.26 
5.93 
5.62 
5.32 
5.05 
4.79 
4.54 

7.31 
6.91 
6.62 
6.45 
6.04 
5.66 
5.32 
5.12 
4.94 
4.82 
4.71 
4.60 
4.44 
4.18 
3.94 
3.72 
3.50 

8.64 
8.18 
7.85 
7.65 
7.18 
6.75 
6.36 
6.14 
5.93 
5.80 
5.67 
5.54 
5.37 
5.08 
4.81 
4.56 
4.33 
4.11 

9.09 
8.86 
8.33 
7.84 
7.40 
7.16 
6.92 
6.78 
6.63 
6.49 
6.29 
5.97 
5.68 
5.40 
5.14 
4.90 
4.67 

75,        ... 

7.13 

78,        ... 
80,        ... 
85,        ... 

6.62 
6.17 

90,        ... 
95,        ... 
98,        ... 
101, 
103, 
105, 
107, 
110, 
115, 
120, 
125, 
130, 

5.75 
5.36 
5.14 
4.93 
4.93 
4.67 
4.54 
4.35 
4.06 
3.78 
3.52 
3.28 

135, 
140, 

40  YEARS  TO  RUN. 

45  YEARS  TO  RUN. 

50  YEARS  TO  RUN. 

PRICK. 

Five 

Six 

Seven 

Five 

Six 

Seven 

Five 

Six 

Seven 

per 

per 

per 

per 

per 

per 

per 

per 

per 

Cent. 

Cent. 

Cent. 

Cent. 

Cent. 

Cent. 

Cent. 

Cent. 

Cent. 

$71, 

7.23 

8.58 

7.17 

8.54 

7.13 

8.51 

75,        ... 

6  84 

8.12 

_ 

6.79 

8.08 

_ 

6.75 

8.06 

_ 

78,        ... 

6.56 

7.80 

9.05 

6.52 

9.02 

6.49 

7.74 

9.00 

80,        ... 

6  39 

7.60 

8.S2 

6.35 

7.57 

8.80 

6.32 

7.55 

8.78 

85,        ... 

5.99 

7.14 

8.30 

5.96 

7.12 

8.28 

5.94 

7.10 

8.26 

90,        ... 

5.63 

6.72 

7.82 

5.61 

6.71 

7.81 

5.60 

6.70 

7.80 

95,        ... 

5.30 

6.35 

7.39 

5.29 

6.34 

7.09 

5.29 

6.33 

7.38 

98,        ... 

5.12 

6.14 

7.15 

5.12 

6.13 

7.15 

5.11 

6.13 

7.15 

101, 

4.94 

5.94 

6.93 

4.95 

5.94 

6.93 

4.95 

5.94 

6.93 

103, 

4.83 

5.81 

6.78 

4.95 

5.81 

6.79 

4.95 

5.82 

6.79 

105, 

4.72 

5.63 

6.64 

4.73 

5.69 

6.65 

4.74 

5.70 

6.66 

107, 

4.62 

5.56 

6.51 

4.63 

5.58 

6.52 

4.64 

5.59 

6.5-2 

110, 

4.46 

5.39 

6.31 

4.4S 

5.41 

6.33 

4.50 

5.42 

6.34 

115, 

4.22 

5.12 

6.01 

4.25 

5.14 

6.03 

4.27 

5.16 

6.05 

120, 

3.99 

4.86 

5.72 

4.03 

4.90 

5.75 

4.06 

4.92 

5.77 

125, 

3.78 

4.62 

5.46 

3.83 

4.67 

5.50 

3.87 

4.70 

5.52 

130, 

3.58 

4.40 

5.21 

3.64 

4.45 

5.25 

3.63 

4.49 

5.29 

135, 

_ 

4.19 

4.97 

_ 

4.25 

5.03 

_ 

4.29 

5.07 

140, 

~ 

~ 

4.76 

~ 

~ 

4.82 

" 

" 

4.86 

190 


MAVERICK   NATIONAL   BANK. 


INTEREST  RATES  AND  STATUTES   OF  LIMITATIONS  IN  EACH 
STATE  AND  TERRITORY. 


INTEREST  LAWS. 

STATUTKS  OF  LIMITATION*. 

I 

t§ 

p2 

pjj  _ 

^ 

STATES. 

i 

0J3- 

, 

S 

a 

e 

0  » 

c  3 

•a—;- 

|3~s 

•o 

e 

a 

*u 

II 

£ 

C   fc* 

C   39 

•I*"1 

^j 

fe  *j 

a  '** 

<*•* 

c*  3 

«     2  • 

n  • 

"3  ° 

«T-2  « 

ft 

91 

S 

"S  £  5 

EegS 

S'S 

Ijo 

a'si! 

•a 

S 

c 

S. 

'a  c  S 

jsS^  • 

°-2, 

j 

8 

*» 

X 

o 

& 

U 

^ 

Alabama, 

8 

8 

20 

6 

3 

10 

iy. 

6 

Arkansas, 

6 

10 

10 

5 

3 

6 

2 

3 

Arizona, 

10 

12 

5 

4 

4 

4 

10* 

3 

California, 

7 

_t 

5 

4 

2 

4 

10* 

3 

Colorado, 

10 

—i 

6 

6 

2 

e 

1 

6 

Connecticut,  . 

6 

6 

17 

17 

6 

17 

1 

6 

Dakota.  . 

7 

12 

10 

6 

6 

6 

_ 

6 

Delaware, 

6 

6  - 

20 

6 

3 

20 

1 

3 

Dial,  of  Columbia, 

6 

10 

12 

3 

3 

12 

- 

8 

Florida,  . 

8 

—i 

20 

5 

3 

20 

2 

3 

Georgia, 

7 

8 

20 

6 

4 

20 

1 

4 

Idaho,     . 

10 

18 

5 

5 

4 

5 

- 

3 

Illinois,   . 

0 

8 

20 

10 

5 

10 

2 

& 

Indiana,. 

6 

8 

20 

10 

6 

20 

1 

6 

Iowa,      . 

6 

10 

20 

10 

5 

10 

1 

2  to  5 

Kansas,  . 

7 

12 

5 

5 

3 

5 

3 

2 

Ketrucky, 

6 

6 

15 

15 

5 

16 

- 

5 

Louisiana, 

5 

8 

10 

5 

3 

5 

— 

_ 

Maine, 

6 

_t 

20 

6 

0 

20 

21-' 

6 

Maryland, 

6 

6 

12 

3 

3 

12 

3 

Massachusetts, 

6 

-i 

20 

6 

6 

20 

2 

2  to  0 

Michigan, 

7 

10 

10 

6 

6 

10 

4 

6 

Minnesota, 

7 

10 

10 

6 

6 

10 

2 

6 

Mississippi,     . 

6 

10 

7 

6 

3 

6 

1 

6 

Missouri,         • 

0 

10 

20 

10 

5 

10 

2 

3 

Montana, 

10 

-1 

6 

6 

3 

6 

_ 

2 

Nebraska, 

7 

10 

5 

6 

4 

5 

l^i 

3 

Nevada,  . 

10 

-1 

6 

0 

4 

a 

10* 

4 

New  Hampshire,    . 

0 

6 

20 

0 

6 

20 

3 

6 

New  Jersey, 

6 

6 

20 

e 

6 

18 

- 

4 

New  Mexico,  . 

0 

12 

15 

6 

4 

6 

2 

4 

New  York, 

6 

_3 

20 

6 

6 

20 

1 

6 

North  Carolina,     .  '          6 

8 

10 

3 

3 

10 

1 

3 

Ohio,                        .  !          6 

8 

15 

0 

15 

_ 

4 

Oregon,  . 

8 

10 

10 

0 

6 

10 

- 

6 

Pennsylvania, 

e 

0 

20 

6 

6 

20 

- 

6 

Rhode  Island,         .  I           6 

_i 

20 

6 

e 

20 

3 

4 

South  Carolina, 

10 

20 

6 

0 

6 

_ 

0 

Tennessee, 

0 

10 

6 

6 

10 

7 

3 

Texas,     ...            8 

12 

10 

4 

2 

10 

_ 

2 

t'tah,       .        .        .  :        10 

-i 

.. 

4 

2 

4 

1 

3 

Vermont,        .        .            fi 

6 

3 

9 

6 

14 

_ 

6 

Virginia,         .        .  '          6 

8 

10 

5 

2 

20 

5 

Wash.  Territory,  .          10 

-i 

6 

• 

;i 

6              1 

3 

West  Virginia,        .             0 

6 

ID 

10 

. 

20 

5 

Wisconsin,      .        .            7 

10 

20 

6 

6 

20 

- 

6 

Wyoming,      .        .          12 

-' 

5 

5 

4 

5 

1 

4 

1  Any  rate.          2  No  usury ;  but  over  six  per  nunt.  cannot  be  collected  by  law. 
'  New  York  has  legalized  any  rate  of  interest  on  call  loans  of  |5,OUO  and  up. 
rard  on  collateral  security.  *  Months. 


MAVERICK   NATIONAL   BANK. 


191 


DATS  OF  GRACE  AND  DAMAGES. 


STATB. 

Grace. 

Damages. 

Alabama, 

Usual  

Arizona, 

Usual,  except  sight  drafts. 
Usual  

Colorado, 
Connecticut,   . 

Usual,  except  «ight  drafts, 
Usual. 

3  per  ct. 

Delaware, 

Dist.  of  Columbia, 
Florida,  . 

Usual  on  all,  except  payable  without 
time. 
Usual  on  all. 

5  per  ct. 

Georgia,  . 
Idaho,     . 
Illinois,   . 
Indiana,  . 
Iowa,      . 

Usual,  except  sight  papers. 
Usual,  
Usual,  except  sight  or  demand, 
On  all  bills  grace  allowed, 

5  per  ct. 
5  per  ct. 
5  per  ct. 
3  to  5  per  ct. 

Kansas,  . 

6  per  ct. 

Kentucky, 
Louisiana, 
Maine,     . 
Maryland, 

Usual  on  all 
Usual  on  all,  except  sight  or  demand, 
Usual  on  all,  except  demand. 

5  per  ct. 
8  per  ct. 

Massachusetts, 
Michigan, 
Minnesota, 
Mississippi,    .        . 

Usual  on  all,  except  on  demand. 
Usual  on  all,  except  on  demand. 
Usual  on  all,  except  on  demand, 

5  per  ct. 
5  per  ct. 

Missouri, 
Montana, 
Nebraska, 
Nevada,  . 
New  Hampshire,   . 
New  Jersey,  . 
New  Mexico,  . 
New  York, 
North  Carolina,     . 
Ohio, 
Oregon,  . 
Pennsylvania, 
Khode  Island, 
South  Carolina, 

Usual  on  all,  except  on  sight,   . 
Usual  on  all,  except  on  sight. 
Usual  on  all. 
Usual  on  all. 
Usual  on  all,  except  on  demand. 
Usual  on  all,  except  sight  on  bankers, 
No  grace. 
Usual,  except  on  sight, 
Usual  on  all,        .        . 
Usual,  except  bills  on  bankers. 
Usual,  except  sight  or  demand. 
Usual,  except  sight  and  on  bankers, 
Usual,  except  sight,   .... 
Usual  on  all,        ..... 

4  to  10  per  ct. 

6  per  ct. 
3  per  ct. 

5  per  ct. 
5  per  ct. 
10  per  ct. 

Tennessee, 
Texas, 
Utah,       . 
Vermont, 
Virginia, 
Washington  T'y>   • 

Usual,  except  sight,    .... 
Usual  on  all  
No  grace,     
Usual,  except  sight  or  demand. 
Usual,  except  sight. 

3  per  ct. 
10  per  ct. 

2>i  per  ct. 

3  per  ct. 

West  Virginia, 
Wisconsin, 
Wyoming, 

Usual,  except  sight. 
Usual,  
Usual  on  all. 

5  per  ct. 

LEGAL  HOLIDAYS  IN  THE  STATES. 

JAN.  1.  NEW  YEAR'S  DAT:  in  Alabama,  California,  Colorado,  Connecticut, 
Florida,  Georgia,  Illinois,  Indiana,  Iowa,  Kansas,  Louisiana,  Maine,  Michigan, 
Minnesota,  Mississippi,  Missouri,  Nebraska,  Nevada,  New  Jersey,  New  York, 


192  MAVERICK   NATIONAL   BANK. 


Ohio,  Pennsylvania,  South  Carolina,  Tennessee,  Texas,  Vermont,  Virginia, 
West  Virginia,  and  Wisconsin. 

JAN.  8.    ANNIVERSARY  OF  THE  BATTLE  or  NEW  ORLEANS:  In  Louisiana. 

FEB.  22.  WASHINGTON'S  BIRTHDAY:  in  California,  Colorado,  Connecticut, 
Florida,  Georgia,  Kentucky,  Louisiana,  Maine,  Maryland,  Massachusetts,  Mich- 
igan, Minnesota,  Missouri,  Nebraska,  Nevada,  New  Hampshire,  New  Jersey, 
New  York,  Ohio,  Pennsylvania,  Rhode  Islaud,  South  Carolina,  Texas,  Virginia, 
West  Virginia,  and  Wisconsin. 

FEB.  22, 1887.  MARDI-ORAS  :  in  Louisiana  and  the  cities  of  Mobile,  Mont- 
gomery  and  Selma,  Ala. 

MARCH  2.    ANNIVERSARY  op  TEXAN  INDEPENDENCE  :  in  Texas. 

MARCH  4.    FIREMEN'S  ANNIVERSARY:  in  New  Orleans,  La. 

APRILS,  1887.  GOOD  FRIDAY:  in  Louisiana,  Maryland,  Minnesota,  and 
Penney  Ivan ia. 

APRIL  21.    ANNIVERSARY  OF  THE  BATTLB  OP  SAN  JACINTO  :  in  Texas. 

APRIL  26.    MEMORIAL  DAY  :  in  Georgia. 

MAY  30.  MEMORIAL  DAY:  in  California,  Colorado,  Connecticut,  Iowa, 
Massachusetts,  New  Hampshire,  New  Jersey,  New  York,  Pennsylvania,  Rhode 
Island,  Vermont. 

JULY  4.    INDEPENDENCE  DAY  :  in  all  the  States. 

FIRST  MONDAY  IN  SEPT.    LABOR  DAY  :  in  Massachusetts  and  New  York. 

Nov.  8,  1887.  GENERAL  ELECTION  DAY  :  in  California,  Florida,  Maryland, 
Missouri,  New  Jersey,  New  York,  South  Carolina,  Texas,  and  Wisconsin. 

Nov.  24,  1887.    THANKSGIVING  DAY:  in  all  the  States. 

DEC.  25.    CHRISTMAS  DAY:  in  all  the  States. 

Sundays  and  Fast  Days  (whenever  appointed;  are  legal  holidays  in  all  the 
States. 


SHOUT  METHOD  FOR  CALCULATING  INTEREST. 
Multiply  the  principal  by  as  many  hundredths  as  there 
are  days,  and — 

For   4  per  cent Divide  by  90 

6  "72 

8  "  "80 

7  "  .  "         r,i: 

S  "  ....  !«            45 

9  "             "40 

10  "             "38 

12  "             "30 

EXAMPLE. —  Interest  on  S50  for  ,'30  days  at  4  per 
cent.:  50X30=1,500,  which  divided  by  90=16j  cents; 
which  is  the  required  result. 


MAVERICK  NATIONAL  BANK. 


193 


WHEN  MONET  DOUBLES  AT  INTEREST. 


BATS  PKH  CENT. 

Common  Interest. 

Compound  Interest. 

2  

50     years, 

35  years,  1  day. 

3  

33J£  years, 

23  years,  164  days 

4,  

17  years,  246  days 

5  

6,  

16%  years, 

7,  

14     years,  104  days, 

10  years,  89  days 

9^  ...        '.        .... 

12^  years, 

9  years,  2  days. 

10  

10     years, 

7  years,  100  days. 

BUSINESS  LAW  IN  DAILY  USE. 

The   following  compilation  of   business  law   contains 
the  essence  of  a  large  amount  of  legal  verbiage  :  — 

If  a  note  is  lost  or  stolen,  it  does  not  release  the  maker;  he  must  pay  it,  if  the 
consideration  for  which  it  was  given  and  the  amount  can  be  proven. 

Notes  bear  interest  only  when  so  stated. 

Principals  are  responsible  for  the  acts  of  their  agents. 

Each  individual  in  a  partnership  is  responsible  for  the  whole  amount  of  the 
debts  of  the  firm,  except  in  cases  of  special  partnership. 

Ignorance  of  the  law  excuses  no  one. 

The  law  compels  no  one  to  do  impossibilities. 

An  agreement  without  consideration  is  void. 

A  note  made  on  Sunday  is  void. 

Contracts  made  on  Sunday  cannot  be  enforced. 

A  note  made  by  a  minor  is  void. 

A  contract  made  with  a  minor  is  void. 

A  contract  made  with  a  lunatic  is  void. 

A  note  obtained  by  fraud,  or  from  a  person  in  a  state  of  intoxication,  cannot  be 
collected. 

It  is  a  fraud  to  conceal  a  fraud. 

Signatures  made  with  a  lead  pencil  are  good  in  law. 

A  receipt  for  money  is  not  always  conclusive. 

The  acts  of  one  partner  bind  all  the  rest. 

"  Value  recei%*ed  "  is  usually  written  in  a  note,  and  should  be,  but  is  not  nec- 
essary. If  not  written  it  is  presumed  by  law,  or  may  be  supplied  by  proof. 

The  maker  of  an  "  accommodation  "  bill  or  note  (one  for  which  he  has  received 
no  consideration,  having  lent  his  name  or  credit  for  the  accommodation  of  the 
holder)  is  not  bound  to  the  person  accommodated,  but  is  bound  to  all  other  par- 
ties precisely  as  if  there  was  good  consideration. 

No  consideration  is  sufficient  in  law  if  it  be  illegal  in  its  nature. 

Checks  or  drafts  must  be  presented  for  payment  without  unreasonable  delay. 

Checks  or  drafts  should  be  presented  during  business  hours;  but  in  this  coun 
try,  except  in  the  case  of  banks,  the  time  extends  through  the  day  or  evening. 


194  MAVERICK   NATIONAL   BANK. 


If  the  drawee  of  a  check  or  draft  has  changed  his  residence,  the  holder  muit 
use  due  or  reasonable  diligence  to  find  him. 

If  one  who  holds  a  check  as  payee  or  otherwise  transfers  it  to  another,  he  has 
a  right  to  insist  that  the  check  be  presented  that  day,  or,  at  farthest,  on  the  day 
following. 

A  note  endorsed  In  blank  (the  name  of  the  endorser  only  written)  is  transfer- 
able by  delivery,  the  same  as  if  made  payable  to  bearer. 


BEN  FRANKLIN'S  WORDS  OF  WISDOM. 

Want  of  care  does  us  more  damage  than  want  of  knowledge. 

For  want  of  a  nail  the  shoe  was  lost,  and  for  want  of  a  shoe  the  horse  was 
lost. 

For  age  and  want  save  while  you  may,  no  morning  sun  lasts  all  the  day. 

Experience  keeps  a  dear  school,  but  fools  will  learn  in  no  other. 

Lying  rides  upon  debt's  back ;  it  is  hard  for  an  empty  bag  to  stand  upright. 

Creditors  have  better  memory  than  debtors. 

Women  and  wine,  game  and  deceit,  make  the  wealth  small  and  the  want 
great. 

What  maintains  one  vice  would  bring  up  two  children. 

Plough  deep  wbile  sluggards  sleep,  and  you  shall  have  corn  to  sell  and  to 
keep. 

Work  to-day,  for  you  know  not  how  much  you  may  be  hindered  to-morrow. 

Fly  pleasure  and  it  will  follow  you.     The  diligent  spinner  has  a  large  shrift. 

Now  I  have  a  sheep  anil  cow,  everybody  bids  me  good-morrow. 

Keep  thy  shop,  and  thy  shop  will  keep  tbee. 

If  you  would  have  your  business  done,  go;  if  not,  send. 

Who  dainties  love  shall  beggars  prove.  Fools  lay  out  money  and  buy 
repentance. 

Foolish  men  make  feasts,  and  wise  men  eat  them. 

He  that  by  the  plough  would  thrive,  himself  must  either  hold  or  drive. 

The  eye  of  the  master  will  do  more  work  than  both  his  hands. 

Silks  and  Satins,  Scarlet  and  Velvets,  put  out  the  kitchen  fire. 

Always  taking  out  of  the  meal  tub  and  never  putting  in,  soon  comes  to  the 
bottom. 

Drive  thy  business,  let  not  that  drive  thee.  Sloth  makes  all  things  difficult, 
Industry  all  easy. 

Karly  to  bed  and  early  to  rise  makes  a  man  healthy,  wealthy,  and  wise. 

If  you  would  know  the  value  of  money,  try  to  borrow  some. 

When  the  well  U  dry  they  know  the  worth  of  water. 

Not  to  oversee  workmen  is  to  leave  them  your  purse  open. 

If  you  would  have  a  faithful  servant,  and  one  that  you  like,  serve  yourself. 

By  diligence  and  perseverance  the  mouse  eat  the  cable  in  two. 

Diligence  is  the  mother  of  good  luc.k,  and  Uod  gives  all  things  to  industry. 

Industry  needs  not  wish,  and  he  that  lives  upon  hope  will  die  fasting. 

There  are  no  gains  without  pains;  then  help,  hands,  for  I  have  no  lands. 

Buy  what  thou  bant  no  need  of,  and  ere  long  tliou  wilt  sell  thy  necessaries. 

At  a  great  pennyworth  pause  a  while,  many  are  ruined  by  buying  bargains. 


,  1337,  to  Juqe,  1333. 


JULY  -1887. 

JANUARY  —  1888. 

S 

M 

T 

W 

T 

F 

S 

S 

M 

T 

W  |  T 

F 

S 

3 
10 
17 
24 
31 

4 
11 
18 
25 

5 
12 
19 

26 

6 
13 

20 

27 

7 
14 
21 
28 

1        2 
8       9 
15      16 
22     23 
29     30 

1 

8 
15 
22 
29 

2 
9 
16 
23 

30 

3 
10 
17 
24 
31 

4 
11 
18 
25 

5 
12 
19 

26 

6 
13 
20 

27 

7 
14 
21 

28 

AUGUST. 

FEBRUARY. 

7 
14 
21 

28 

1 

8 
15 
22 
29 

2 
9 
16 
23 

30 

3 
10 
17 
24 
31 

4 
11 
18 
25 

5 

12 
19 

26 

6 
13 
20 
27 

5 

12 
19 
26 

6 

13 
20 
27 

7 
14 
21 

28 

1        2 

8  :     9 
15  ;  16 
22      23 
29      -  - 

3 
10 

17 
24 

4 

11 
IS 
25 

SEPTEMBER. 

MARCH. 

4 
11 
18 
25 

5 
12 
19 
26 

6 
13 
20 
27 

7 
14 
21 
28 

1 

8 
15 
22 
29 

2 
9 
16 

23 
30 

3 

10 
17 
24 

4 
11 
18 
25 

5 
12 
19 

2G 

6 
13 
20 
27 

7 

14 
21 

28 

1 
8 
15 
22 
29 

2 
9 

1G 
23 

30 

3 

10 
17 
24 
31 

OCTOBER. 

APRIL. 

1 
8 
15 
22 
29 

1 
8 
15 
22 
29 

2 
9 
16 
23 
30 

3 
10 
17 
24 

11 

18 
25 

5 
12 
19 
26 

6 
13 

20 
27 

7 
14 
21 

28 

2 
9 
16 
23 
30 

3 
10 
17 
24 
31 

4 
11 
18 
25 

5 

12 
19 
26 

6 
13 

20 
27 

7 
14 
21 

28 

NOVEMBER. 

MAY. 

6 
13 

20 

27 

7 
14 
21 
28 

1 
8 
15 
22 
29 

2 
9 
16 
23 
30 

3 

10 
17 
24 

4 
11 

18 
25 

5 
12 
19 
26 

6 
13 
20 
27 

;: 

21 

28 

1 
8 
15 
22 
29 

9 

19G 
23 
30 

3 
10 
17 
24 
31 

ii 

18 

* 

5 
12 
19 
26 

DECEMBER. 

JUNE. 

4 
11 

18 

25 

i 

5 
12 

19 
26 

6 
13 
20 
27 

7 
14 
21 

28 

1 

8 
15 
22 
29 

2 
9 
16 
23 

30 

3 
10 
17  | 
24  j 
31 

3 
10 
17 
24 

4 
11 

18 
25 

5 

12 
19 
26 

6 
13 
20 
27 

7 
14 
21 

28 

1 

8 
15 
22 

2!) 

2 
9 
16 
23 

30 

INDEX. 


AGRICULTURE — In  the  TI.  S.,  135-9. 

Products  of,  in  United  States,  135. 
American  Bell  Telephone  Co.,  158. 
Appropriations  of  Congress,  Annual, 

17. 

Area  of  United  States,  130-1. 
Armies  of  the  World,  24. 
Artesian  Wells,  40-1. 

RANKS  —Bonds,  U.  S  ,  owned  by,  15. 
Canadian,  64 
Clearing-houses,  91-7. 
Condition  of,  71. 
France,  Bank  of,  62. 
German  Bank,  63. 
Maverick  National,  1,  73-8. 

Statement,  March  31,  1887,  74. 

Statement,  March  26,  1874,  75. 

Statement,  March  30,  1864,  74. 

Telegraph  Code,  75. 
Netherlands,  Bank  of,  63. 
National,  Capital  of,   and  Bonds 

owned  by,  15. 
Profits  of,  71-2. 

Rates  of  Interest  of  Foreign,  64. 
Savings-banks,  49-56. 

Connecticut,  55-6. 

Maine,  51. 

Massachusetts,  50. 

New  York,  55-6. 

Rhode  Island,  54. 

Vermont,  53. 

Securities  of,  50. 

Statistics  of,  49. 
State  Banks,  66-8. 
Stocks  of  Foreign  Banks,  64. 
BANKS  AND  BANKING,  57-8. 
Capital  engaged  iu,  65. 
Early  History,  Banking,  57-8. 
English  Banking,  58-02 
United  States,  in  the,  65-78. 
Banking  and  Currency,  57-78. 
BONDS  —  Government,  United  States, 
3,  5,  12,  15. 

Issues  of,  1861-71,  10. 

Highest  and  Lowest  Prices,  11. 

Owned  by  National  Banks,  15. 

Pacific  Railroad,  13-14. 
Rate  of  Income  on,  187-9. 
Water  Works,  36-9. 


BOSTON— Building    Permits    Issued, 

166. 

Clearing-house,  95-6. 

Commerce  of,  172-3. 

Credit  of,  33. 

Distances  from,  Land,  170. 
Water,  170. 

Railway  Travel  of,  168-9. 

Statistics  of,  167-76. 

Stock    Market    and     Quotations, 
174-7. 

Valuation  and  Taxes  of,  167. 
BROOKLYN  —  Credit  of,  33. 

Bridge  Traflic  of,  41. 
Building  Permits  issued  in  Boston,  168. 
BUSINESS  — Failures,  184. 

Law  in  Daily  Use,  193. 

CABLES,  SUBMARINE,  154-6. 

Capitalization  of,  155. 
Cable  Roads  of  the  United  States,  112. 
Calendar,  1887-8,  195. 
Calumet  &  Hecla,  Mine,  178-80. 
Canada,  Banks  of,  64. 
Capital  engaged  iu  U.  S.  Banking,  65. 
CHILI,  Copper  Product  of,  179. 

Bar  Copper,  Prices  of,  181. 
Chronology    of     Electrical     Science, 

165-6. 
CITIES  — Credits  of  (U.  S.),  33. 

Debts  of  (British),  35. 

Debts  of  (U.  S.),  32. 

Per  Capita,  32. 
(British)  per  Capita,  35. 
Rate  Interest  paid  on,  33. 

Growth  of  (U.  S.),  34-107. 

Population  of  (U.  S.),  32. 

Of  World  over  200,000,  186. 

Urban  R.  R.'s  of  the  World,  107. 

NJW  York  City,  R.  R.'s  of,  109-110. 

London,  Telegraphs  of,  153. 
CLEARING-HOUSES,  BANK,  91-7. 

Boston,  of,  95-6. 

Exchanges  of,  World,  97. 

History  of,  91-2. 

New  York,  of,  91-2,  94. 

United  States,  of,  93. 
COAL  — In  the  United  States,  140-4. 

Great  Britain,  145. 

Ocean  Steamers,  burned  by,  128. 


198 


INDEX. 


COINAGK  and  Currency,  80. 

Of  U.  8.  Mints,  1886,  82. 
COINS  —  Foreign,  Value  of,  83. 

Legal  Weight  and  Fineness   (U. 
8.),  82. 

Primitive,  79. 

Storage  Space  required  for,  82. 
COMMERCE  —  Of  Boston,  172-3. 

Nations,  of  all,  '23. 

United  States,  of,  123. 
Commissions,  U.  It.,  of  U.  8.,  114-17. 
CONNECTICUT — Credit  of,  31. 

Savings  Banks  of,  54. 
CONSTRUCTION  —  U.    R.,    in    United 
States,  annual,  103. 

Telegraphs  In  U.  S  ,  annual,  151. 
COPPER,  178-181. 

Product  United  States,  178,  180-1. 
World,  179. 
Chill,  179. 

Lake  Superior  Mines,  180-1. 

Calumet  &  Hecla,  178,  ISO. 

Prices,  Ingot,  181. 

Chili  Bars,  181. 

Corn  Product  of  United  States,  135. 
COTTON  —  In  the  United  States,  137. 

Consumption  of,  World,  138. 

Manufacture,  in  United  States,  139. 

Prices  in  New  York,  1:58. 
County  Debts  of  United  States,  32. 
CKE1MT3  —  Cities,  of,  33. 

Nations,  of  all,  19-21. 

States,  of,  31. 

United  States,  of  the,  22. 
CritKENCT —  (Banking  and),  57-78. 

BanU-notes  (Legal  Tenders  and), 
84. 

Distribution  of,  in  U.  8.,  86. 

(Coinage  and),  80. 

Legal  Tenders  and  Bank-notes,  84. 

United  States,  of  the,  65-9,  72. 

Damages,  101. 

Days  of  Grace  and  Damages,  191. 
DKBT  —  All  Nations,  Debts  of,  23. 
Cities,  British,  Debts  of,  35. 
Foreien,  Debts  of,  35. 
United  States,  Debts  of,  32. 
British,  Debts  per  Capita,  35. 
U.  S  ,  Debts  per  Capita,  32. 
United  Slates,  Hate  of  Inter- 
est Paid  on,  •".">. 
County,  Debts  of  U.  S.,  '2S-9. 
Early  "National  Debts,  ft. 
Public  Debt,  the,  18. 
State  (United  States),  27-31. 
Territorial  (UnitcdStates),  2S  !i. 
U.S.  National,  2,  ::,  5-1  S. 

Analysis  of,  1SGO-S6,  p,-l». 
Annual  Amount  of,  ••>,  0-12. 

Redaction  of,  S. 
Debt  per  Capita,  2S-0. 
Hate  of  Inti-P-Kt  <>n,  '•'• 
Designating  Mark*,   Ocean  Hte.misli:p 

Lines.  120 
DI.HTAM  •£.-•  — From  B.i«!on,  by   Land 

iiml  Water,  ITU. 

I-'roiu  New  York  to  Foreign  Ports 
by  Water,  129. 


ELECTRICAL  DEVELOPMENT,  150-1M. 

Science,  Chronology  of,  165-8. 
Electric  Lighting,  158-161. 
ELECTRIC  RAILWAYS,  161-4. 

In  United  States,  163. 

In  Europe,  162. 
Elevated  Railroads,  111. 
EXCHANGE,  STERLING,  118-23. 

N.  Y.  Quotations,  10  Years,  121. 

Review  of  Am.  Market,  121-23. 
EXPENDITURES  -Annual,     All     N»- 
lions,  23. 

United  States,  17. 
EXPORTS  —  Petroleum,  U.  8.,  183. 

From  Russia,  184. 

Failures,  Business,  181. 
Fire  Insurance,  185. 
France,  Bank  of,  62. 
Franklin,  Ben,  Words  of  Wisdom  of, 
194. 

Germany,  Bank  of,  63. 

GOLD   AND   SILVER  —  Production    of 

the  United  States,  88-90. 
Production  of  World,  87. 
United  States  Coins,  Legal  Weight 

and  Fineness  of,  82. 
Ratio  of  Silver  to  Gold,  90. 
Grace,  Days  of,  191. 
GRAIN  —  Crops  of  the  U.  8.,  135. 

Wheat,  World,  136. 
Chicago  Prices,  136. 

nog  Products,  United  States,  135. 
Holidays,  Legal,  in  U.  S.,  191-2. 
Ilorse  Railroad?,  United  States,  113. 

Immigration,  133-5. 
Income,  Rate  from  Investments,  187. 
Ingot  Copper,  Prices  of,  181. 
INSURANCE  —  Fire,  135. 

Life,  185. 
INTEREST  — Legal  Rates  of  States,  190. 

Rules  for  computing,  192-3. 

Tables,  1S7-9. 

Investments,  Rate  of  Int.  on,  187-9. 
IKON  AND  STEEL  —  Furnaces  in  United 
States,  140. 

Imports  and  Exports,  148-9. 

Pig  Product,  United  States,  145-7. 

Rails,  143. 

Bessemer,  147. 

Shipbuilding,  124, 143-1. 

LAND  —In  the  United  States,  130-3. 

Grants  to  Railroad  CO.'H,  132. 
To  States,  131. 

Public,  Disposal  of,  132. 
.aw.  Business,  in  Daily  Use,  193. 
.EiiAl.  — Rates  Interest,  190. 

Tenders  and  Bank-notes,  83-4. 
Jfe  In-iirance,   185. 
.imita'iotis,  S  i  at u ten  of,  ISO. 
,oa:if,  r    S   Government,  6,  7,  9,  22. 

NfAi-;r.   -Credit  <>f,  "I 

Havings  Hank*  of,  .'.I. 
MASSACHUSETTS  — Credit  of,  31. 

Savings  Banks  of,  50. 


INDEX. 


199 


MAVERICK  NATIONAL  BANK— History 
of,  73. 

Statement,  March  31 ,  1887,  74. 

Statement,  March  26,  1874,  75. 

Statement,  March  30,  1864,  74. 

Telegraph  Code,  75. 
Money,  Paper,  in  United  States,  85. 

Navies  of  the  World,  31. 

Netherlands,  Bank  of  the,  63. 

NEW  YORK  — City,  Clearing-house  of, 

91-2,  94. 

Credit  of,  33. 

State,  Credit  of,  31. 

Savings  Banks  of,  55-6. 

Outlook,  The,  1-4. 

Paper  Money  in  the  United  States,  85. 
PETROLEUM,  182-4. 

Certificates,  Prices,  184. 

Production,  and  Trade  in  United 
States,  18:5. 

Russia,  in,  181. 

Pipe-line  Certificates,  Prices  of,  184. 
POPULATION  —  Cities  of  U.  S  ,  of,  32. 

European  Cities,  18(3 

United  States,  of,  2o-6. 
Primitive  Coins,  SO 
Profits  of  Banking,  70. 

RAILROADS  — American,  102. 

Cable,  112. 

Commissions  of,  State,  114-17. 

Construction  of,  Annual,  105. 

Credits  of,  105-6. 

Electric,  Europe,  102. 
United  States,  163. 

Elevated,  111. 

Horse,  113. 

Land  (i rants  to,  United  States,  132. 

New  York,  City,  Traffic  of,  109-10. 

Time,  Fastest,  101-."). 

Trains,  Speed  of,  English,  104. 
United  States,  104. 

Travel  on,  Boston,  163-9. 

Underground,  London,  108 

Urban,  of  the  World,  101. 

World,  Statistics  of,  101. 
RAILS,  Bessemer  Prod  <,f  U.  8.,  147. 

Consumption  of,  14S. 
Rapid  Transatlantic  Passages,  123. 
Rate  of  Interest  Tables,  137-9. 
REVENUES  —  Foreign  Nationi,  of,  23. 

United  States,  of  the,  16. 

Water-works,  of,  47. 
RHODE  ISLAND  — Credit  of,  31. 

Savings  Banks  of,  54. 
Russia,  Petroleum  in,  184. 

SAVINGS  BANKS  — Of  United  States, 

54. 

Connecticut,  54. 
Maine,  51. 
Masiachusetts,  50. 
New  York,  55-6. 
Rhode  Island,  54. 
Securities  of,  50. 
Statistics  of,  49. 
Vermont,  53. 


SHIPPING  of  United  Statea,  124-9. 
Admeasurement,  124. 
Shipbuilding,  Tonnage  and  Carry- 
ing Trade,  124. 
Shipbuilding,  Iron  and  Steel,  124. 

143-4. 

Steam  Vessels,  Early,  125. 
Steamers,  Principal  Ocean,  126-7. 
Amount   and    Cost    of    Coal 

hurned  by,  128. 
Ocean,  Designating  Marks  of 

Lines,  129. 
Rapid  Transatlantic  Passages, 

128. 
SILVER,  Dollar,  Our,  80. 

and  Gold,  Production,  88-90. 
Ratio  of,  to  Gold,  90. 
Specie  in  the  United  States,  81. 
SPEED  — Of  Railroad  Trains  in  U.  S., 

104. 

England,  104. 

Average  of  Ocean  Steamers,  128. 
STATES  —  Banks  of,  66-8. 
Credits  of,  31. 
Debts  of,  Net,  28-9. 
Legal  Holidays  in,  191-2. 
Legal  Interest  in,  190. 
Limitation  Statutes  in,  190. 
Taxes  of,  30. 
Valuation  of,  30. 
Stock  Market  and  Quotations,  Boston, 

174-7. 

Storage    Space    required    for  United 
States  Coins,  82. 

TELEGRAPHS,  150-6. 

Cables,  154-6. 

Code,  Maverick  Bank,  75. 

Construction,  Early,  151. 

Great  Britain,  of,  152-3. 

London,  of,  1-33. 

United  States,  of,  153. 

World,  of  the,  152. 

Western  Union  Co.,  154. 
TELEPHONES,  156-8. 

Am.  Bell  Co.,  158. 

Business  in  U.  S.,  157-8. 
Time,  Railroad,  Fastest,  107. 
Tobacco  Product,  United  States,  135. 
TRAINS,  Speed  of,  United  States,  104. 

England,  104. 

UNITED  STATES  —  Agricultural  Prod- 

ucts  of,  135. 
Agriculture  in,  135-9. 
Appropriations,  Annual,  of,  17. 
Area  of,  130-1. 
Artesian  Wells  in,  40. 
Bank  of  the,  65-6. 
Banking  in,  05-78. 
Bonds  of  the,  6,  7,  8,  9,  10. 
Capital,  Banking,  of,  65. 
Carrying  Trade  of,  124. 
Clearing-houses  of,  91-7. 
Coal  and  Iron  in,  140-9. 
Coal  Product  of,  144. 
Coal  Statistics  of,  140-4. 
Coinage  of,  80-1. 
Commerce  of,  Foreign,  123. 


200 


INT>EX. 


UXITED  STATES  —  Copper  Product  of, 

178,  180-1. 

Cotton  Crops  of.  137. 
County  DebU  of,  28-9. 
Credit  of,  22. 
Currency  of,  86. 
Debt  of,  2-5,  18. 
Disposal  of  Lands,  132. 
Dollar,  Silver,  80. 
Expenditure*  of ,  Annual,  16. 
Kurin  Statistics  of,  133. 
Gold  and  Silver  Product  of,  88-90. 
Immigration  to,  103-5. 
Interest,  Payments  of,  16. 
Iron  and  Steel,  Product  of,  142-1, 
145-9. 

Imports  and  Exports  of,  148-9. 
Land,  Grant*  of,  131. 
Municipal  Debts  of,  23-9. 
Paper  Money  of,  85. 
Population  of,  2J-6. 
Railroad  Statistics  of,  102. 

Cable  in,  112. 

Credits  of,  105-6. 

Commissions  of,  114-17. 

Cou.-ft ruction  in,  103. 

Credits  of,  105-6. 

Electric  in,  163. 

Elevated  in,  111. 

llorso  In,  113. 

Trains,  spoed  of,  104. 
Receipts,  Annual,  of,  15. 
Shipping,  Tonnage  of,  124. 


UNITED  STATES  —  Shipbuilding     of, 

124, 143-4. 
Specie  of,  81. 
State  Debts,  Taxes  and  Valuations 

of,  28-30 

Steam  Vessels  in,  Early,  125. 
Surplus  Revenues  of,  3,  4,  16. 
Telegraphs  of,  153. 
Territorial  Debts  of,2S-9. 
Wealth  of,  25-6. 
Wheat  Product  of,  135. 
Wool  Product  of,  139. 

Value  of  Foreign  Coins,  83. 
VERMONT—  Credit  of,  31. 
Savings  Banks  of,  63. 

WATER- WORKS,  36-48. 

American,  43-5. 

Bonds  of  American  Co.'s,  36-9. 

Canada,  of,  48. 

Cost  and  Expense  of,  45-6. 

Early  History  of,  39-40. 

Financial  Details  of,  47-8. 

Modern  Systems  of,  41-2. 

Receipts  of,  47. 

Wealth  of  the  United  States,  25-6. 
Western  Union  Telegraph  Co  ,  154. 
WHEAT  PRODUCT  —  Of  U.  8.,  135. 

Of  World,  136 
WOOL  —  Product  of  United  States,  i:;g 

Receipts  at  Boston,  173. 
Words  of  Wisdom,  Franklin's,  194. 


THE  LIBRARY 
UNIVERSITY  OF  CALIFORNIA 

Santa  Barbara 


THIS  BOOK  IS  DUE  ON  THE  LAST  DATE 
STAMPED  BELOW. 


Series  9482 


DC  SOUTHERN  REGIONAL  LIBRARY   AC  L  TY 


A    001  230  552    o 


